* indicates required

Selling isn’t always the end

THOUGH some may have concerns about selling a business, it can often be the beginning of a new chapter. It can open up opportunities, present more options and even expand the target market.

For Hitec Lift Trucks owners Prospero Girardi and Andrew Selbie, selling up did just that.

2018 saw the Wellingborough-based material handling company become the first acquisition of Briggs Equipment. Instead of being pushed out of the picture, Prospero and Andrew retained control of Hitec’s dealings and day-to-day running.

“We set up Hitec Lift Trucks 30 years ago and we are very proud of how far the business has come. However, we knew that we had taken it as far as we could. If the growth of Hitec was going to continue as we wanted, we knew that there was a chance we would have to commit new investment that didn’t necessarily fit in with our future plans,” said Prospero.

“We had discussions with a number of interested buyers. However, we were impressed by how committed Briggs were to preserving Hitec’s way of business. They were keen to buy Hitec but then step aside and allow us keep on running and building it, retaining the loyal customers we had. That was the decision maker for us. From the outset, they insisted that they didn’t want anything to change; they knew how important the relationship between Hitec and our customers is and that it was vital to protect it.”

Hitec Lift Trucks became a wholly owned subsidiary of Briggs Equipment in the summer of 2018. As a result, Hitec became suppliers of the Hyster brand of material handling equipment, but also were able to expand to offer access and warehouse equipment. 2019 saw the addition of Hako cleaning technologies to Hitec’s available range for purchase and hire (long and short-term). Additionally, Hitec were able to continue to offer servicing, break down support, repairs and maintenance.

But that isn’t the end of the process: “We always had plans in place for when Andrew and I wanted to retire from the company. It was important for us that individuals within Hitec were given the opportunity to step up to directorial level. Briggs have completely supported the idea,” added Prospero.

“At the same time, they have provided a level of investment that has allowed Hitec to continue to grow in the way we originally envisaged. This has allowed Hitec to benefit from their size and strength. We’re now able to offer even more to our customers and even to expand outside of our original focus areas.”

Hitec’s story is a prime example of what selling up can do for a business. Whilst some may believe that it’s the end of an era and something to consider at the end of your working life, Hitec’s acquisition presents a different outcome. The company has benefited from additional stability, resources and support, whilst retaining control and enjoying an even brighter future.

To find out more about Hitec Lift Trucks, call 01933 228127 or visit www.askhitec.co.uk

Companies mentioned in this article

More buying & selling a business articles: