Martin and Chris Jones have taken over the reins at Cheshire-based PH Jones’ utility services division after the company’s two other divisions – social housing and facilities management – were sold to British Gas owner Centrica in a £30m deal.
The two deals have resulted in PH Jones founders, Phil and Brenda Jones, retiring from the business. Their sons have now taken equal stakes in the remaining utility services division, which has been renamed PH Jones Metering Services.
The new business will continue to operate from its main Wrexham office and will retain all of its 250 engineers and 50 support staff. Managing director Martin Jones said he hoped turnover could double to more than £30m in the next three years.
“Having nurtured and successfully grown the business for nearly 50 years, the time is right for mum and dad to exit the company and enjoy a well earned retirement,” he said.
“PH Jones Metering Services has a great team with exciting potential and prospects. We are committed to becoming the leaders in the metering industry.”
PH Jones was founded in 1963 and has grown to employ more than 1,200 staff, providing property maintenance and multi-utility metering services to public and private sector clients.
On completing the deal to buy the company’s social housing and facilities management, Centrica said it was a “major step” in British Gas’ strategy to build its social housing energy services business.
Manchester law firm Davis Blank Furniss acted on behalf of the owners of PH Jones and the Birmingham office of Eversheds acted for Centrica. Dow Schofield Watts provided corporate finance advice to the shareholders of the company, while the Stoke on Trent office of Baker Tilly also advised.