Strand Group acquired by Prospero Holdings
22 February 2017
Prospero Holdings has announced the purchase of Strand Group, based in the Isle of Man, with immediate effect.
Details of the transaction were not revealed, but includes commercial cleaning company Strand Facilities Services, document management business Storall, commercial refuse collection company Clean A Way and Krypton Cleaning Services.
New owner Prospero Holdings was established on the Isle of Man in 2004 and also has offices in Jersey and Guernsey and the acquisition takes its staff numbers to over 200.
Managing director James Pettigrew said he was "delighted to have acquired Strand Group".
"I've been an admire of Strand Group for a number of years, the business has such a great history and it is comfortably the largest soft services provider on the Isle of Man.
"Historically, the hard services side of Prospero's business has been a lot larger than the soft services side but this acquisition brings that into balance," said Mr Pettigrew.
Strand Group was founded by John Hellowell in 1988 and described the move as providing "obvious synergies" and said it would be "business as usual as far as our clients are concerned", with no job losses resulting from the acquisition.
Mr Hellowell will continue to be in an advisory capacity, before retiring later this year.
Strand Group finance director and company Gill Young, who has worked for the company since it was founded, also plans to retire later in 2017.
Prospero will move into the Strand Group's Sailmaker House, located close to Douglas on the Isle of Man.