HVAC & REFRIGERATION ENGINEERING LIMITED
🌳Matureactive
SC199288 · ltd · incorporated 1999-08-27
Investment thesis
Well-run mature business — low negotiation leverage; premium likely.
Why interesting: Textbook target; clean filings, stable trading.
Why risky: No pressure on seller; any deal likely at full price.
Why now
Window opening · medium confidence
More negotiable than before — 1 signals weakening over the last 30 days.
- · Hygiene score: 90 → 85
Opportunity decay
hardening · 12-months
Already tight — no obvious softening catalysts on the horizon.
- · Thesis: well-run, low negotiation leverage
What changed my view
Last 30 days
Picture worsened over the last 30 days — 1 negative signal vs 0 positive.
- ↓Hygiene score: 90 → 85
Last 90 days
No snapshot from 90 days ago — start tracking from today.
Last 180 days
No snapshot from 180 days ago — start tracking from today.
🔒Estimated value
—
Upgrade to see
Turnover
—
not disclosed
Net worth
—
book net assets
Opportunity
78/100
Strong
What this business does
Primary activity: SIC 09100
Sector: Mining & quarrying
Investor take
PursueActive trading company with a 64-year-old founder — textbook succession opportunity.
Opportunity 78/100 (strong), bankability 67/100. Strong seller-intent signal (65/100, director aged 64). Share purchase looks the cleaner deal structure. Biggest value-creation lever: Consolidate lender relationships. 5 distinct lenders creates friction — refinance into single-lender structure for cleaner diligence. Most likely exit: share sale to pe / searcher (73/100).
🏦
Refinance opportunity
11 live charges · 5 lenders · oldest 20.4y
25/100
too messy
Structure is too messy for a clean refinance right now — clean up first or expect bespoke terms.
- · Oldest live charge is 20.4 years old — likely at or near maturity.
- · 5 lenders named — inter-creditor friction likely.
- · Legal-friction score 45/100 (high).
Data confidence
Overall: medium (57/100)Adequate coverage. AI outputs are reliable for the sections scored high; verify the rest in diligence.
Company profile
address, 1 SIC codes, incorporation date
100
Financials
No iXBRL financials extracted
0
Lenders & charges
11 charges (11/11 with lender, 11/11 with type)
90
Directors & officers
25 officers (2 active, 25 linked, 19 with DOB)
85
Ownership & PSC
2 active PSC(s) of 3 total, 3 with control declared
90
Director network
3 connected companies via shared directors
54
Filing history
165 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
78/100Strong
PassWatchWorth a lookStrongExceptional
Solid opportunity signal. Worth a dedicated memo and management meeting.
Business quality
70
Active, clean filings, stable charge profile.
Acquirability
75
Strong succession / seller-readiness signals.
Risk profile
77
Few red flags.
Signal strength
100
Good data coverage for analysis.
Recent activity
Last 30 days
6
filings
- • 2 officers
- • 2 accounts
- • 2 other
Last 90 days
8
filings
- • 3 accounts
- • 3 other
- • 2 officers
Last 180 days
8
filings
- • 3 accounts
- • 3 other
- • 2 officers
Counts from Companies House filing history.
Corporate timeline (92 events)Click to expand
- 2026-06-29➕STRUTHERS, Shaun appointeddirector
- 2026-06-29📄appoint-person-director-company-with-name-dateofficers · AP01
- 2026-06-25➖STRUTHERS, Shaun resigneddirector
- 2026-06-25📄termination-director-company-with-name-termination-dateofficers · TM01
- 2026-06-23📄accounts-with-accounts-type-audit-exemption-subsiduaryaccounts · AA
- 2026-06-23📄legacyother · AGREEMENT2
- 2026-06-17📄legacyaccounts · PARENT_ACC
- 2026-06-17📄legacyother · GUARANTEE2
- 2026-05-29📄legacyaccounts · PARENT_ACC
- 2026-05-29📄legacyother · GUARANTEE2
- 2025-02-27📄accounts-with-accounts-type-audit-exemption-subsiduaryaccounts · AA
- 2025-02-27📄legacyaccounts · PARENT_ACC
- 2025-02-27📄legacyother · AGREEMENT2
- 2025-02-27📄legacyother · GUARANTEE2
- 2024-11-28➖BELL, Russell resigneddirector
- 2024-11-28➕STRUTHERS, Shaun appointeddirector
- 2024-11-28📄appoint-person-director-company-with-name-dateofficers · AP01
- 2024-11-28📄termination-director-company-with-name-termination-dateofficers · TM01
- 2024-01-30📄accounts-with-accounts-type-audit-exemption-subsiduaryaccounts · AA
- 2024-01-30📄legacyaccounts · PARENT_ACC
- 2024-01-30📄legacyother · AGREEMENT2
- 2024-01-30📄legacyother · GUARANTEE2
- 2023-08-07📍change-sail-address-company-with-old-address-new-addressaddress · AD02
- 2023-07-19📄accounts-with-accounts-type-smallaccounts · AA
- 2023-05-30📄mortgage-create-with-deed-with-charge-number-charge-creation-datemortgage · MR01
- 2023-05-24📄mortgage-satisfy-charge-fullmortgage · MR04
- 2023-05-24🔓Charge satisfied #10
- 2023-05-24🔓Charge satisfied #9
- 2023-05-24🔓Charge satisfied #8
- 2023-05-24🔓Charge satisfied #7
- 2023-05-24🔓Charge satisfied #6
- 2023-05-23🔒Charge registered #11Lender: Igf Business Credit Limited
- 2021-08-18➖FRASER, Mark William resigneddirector
- 2021-08-16➕BRYANT, Michael Thomas appointeddirector
- 2019-11-25➖STRUTHERS, Shaun resigneddirector
- 2019-02-18➖THOMSON, Graham resigneddirector
- 2018-07-04➕FRASER, Mark William appointeddirector
- 2018-04-27➖SKIDMORE, Robert William resigneddirector
- 2017-01-13🔒Charge registered #10Lender: Glas Trust Corporation Limited as Security Agent
- 2016-09-29🔒Charge registered #9Lender: The Royal Bank of Scotland PLC
- 2016-08-08➕THOMSON, Graham appointeddirector
- 2016-05-15➖HOGARTY, William resigneddirector
- 2016-05-15➖LOCKHART, Colin John resigneddirector
- 2016-04-28➖THAIN, Angela resigneddirector
- 2016-03-07🔒Charge registered #8Lender: The Royal Bank of Scotland PLC
- 2015-06-02🔓Charge satisfied #5
- 2015-06-02🔓Charge satisfied #4
- 2015-06-02🔓Charge satisfied #3
- 2015-06-02🔓Charge satisfied #1
- 2015-05-26🔓Charge satisfied #2
Showing most recent 50 of 92 events
Owner dependency
66/100
High — earn-out structure requiredMaterial founder dependency. Consider a 2-3 year earn-out and build in a handover plan before completion.
FACTORS
- +Two-director setup: Only two active directors — typical of owner-managed SMEs but limits succession.
- +Senior director age: Director aged approximately 64 — approaching natural succession window.
Succession & seller-readiness
56/100
Strong succession signalMultiple signals suggest succession is on the horizon. Candidate for proactive outreach.
SIGNALS
- primaryFounder aged 63+: Senior director is approximately 64. Approaching typical UK retirement age — succession thinking likely.
- secondaryTwo-director governance: Small-team governance. Succession depth is thin but not absent.
Red flags
1 med ·Charge satisfaction-then-recreation pattern
mediumMultiple instances where a charge was satisfied and a new charge created within 6 months. Suggests active refinancing cycle.
Group structure
2 corporate shareholders identified. Group structure is distributed.
🏛️
Beechbrook Private Debt Iii General Partner Limited
Corporate parent
🏛️
Nucore Group Ltd.
Corporate parent · board control
⬇
HVAC & REFRIGERATION ENGINEERING LIMITED
This company · SC199288
Parent relationships inferred from Persons with Significant Control filings. Full subsidiary tree requires reverse-lookup (coming).
Shareholders & ownership
2 active beneficial owners · dominant holder ≥75%| Name | Shares | Voting rights | Nature of control | Notified |
|---|---|---|---|---|
Nucore Group Ltd. Corporate entity | — | 75–100% | board control75-100% voting · board control | 11/07/2016 |
Beechbrook Private Debt Iii General Partner Limited Corporate entity | — | — | sig. influencesignificant influence | 01/06/2021 |
1 historic (ceased) PSC
- Natwest Fis Nominees Limitedceased 30/09/2021· 75-100% shares
From Companies House Persons with Significant Control filings. Share ranges are banded per the public PSC regime.
🔒Co-director network graph
Radial SVG graph showing every company connected via shared directors, colour-coded by status.
Available from the Pro tier upwards.
See pricing →Similar companies
Active · Manufacturing · AB postcode area| Company | Est. value | Turnover | Net worth | Staff | Age | Opp | Director |
|---|---|---|---|---|---|---|---|
| GRAY & ADAMS LIMITED→ SC047482 · est 1970 | £75.13M £58.44M–£91.83M | — | — | 502 | 56y | 87 | 71y |
| GRAY & ADAMS GROUP LIMITED→ SC230241 · est 2002 | £53.82M £41.86M–£65.78M | — | — | 0 | 24y | 85 | 71y |
| GRAY & ADAMS (DUNFERMLINE) LIMITED→ SC082971 · est 1983 | £17.07M £13.28M–£20.87M | — | — | 106 | 43y | 85 | 71y |
| GRAY & ADAMS (DONCASTER) LIMITED→ SC128013 · est 1990 | £16.62M £12.93M–£20.32M | — | — | 101 | 35y | 87 | 71y |
| INTERWELL LIMITED→ SC391140 · est 2011 | £10.98M £8.54M–£13.42M | £33.44M | — | 7800 | 15y | 91 | 60y |
| EBLAST LIMITED→ SC202165 · est 1999 | £8.03M £6.24M–£9.81M | £11.11M | — | 7400 | 26y | 88 | 57y |
| ROTECH SUBSEA LIMITED→ SC451221 · est 2013 | £6.41M £4.99M–£7.83M | £17.20M | — | 4800 | 13y | 84 | 58y |
| DALES ENGINEERING SERVICES LIMITED→ SC107948 · est 1987 | £6.22M £4.84M–£7.60M | £21.87M | — | 11000 | 38y | 93 | 70y |
| SUPERIOR ENERGY SERVICES LIMITED→ SC259694 · est 2003 | £6.15M £4.78M–£7.51M | £1.45M | — | 1500 | 22y | 94 | 60y |
| IMENCO UK LIMITED→ SC372021 · est 2010 | £5.97M £4.64M–£7.29M | £17.33M | — | 11500 | 16y | 95 | 71y |
| TGT OILFIELD SERVICES UK LIMITED→ SC427554 · est 2012 | £2.26M £1.76M–£2.76M | £9.93M | — | 3000 | 13y | 84 | 61y |
| VECTOR SUPPLIES LIMITED→ SC103810 · est 1987 | £1.63M £1.27M–£1.99M | — | — | 16 | 39y | 85 | 71y |
Peers ranked by estimated value, then turnover, then opportunity score.See all →
🔒Tailored diligence questions
6 specific questions generated from this company's actual signals — liquidity, leverage, director age, charge count, red flags, age-of-company.
Available from the Pro tier upwards.
See pricing →🔒Advanced scoring suite
Exit-route ranking, improvement thesis, quiet-distress detector, covenant-pressure proxy, extraction monitor, approaching triggers, ownership drift, local cluster, value trap, debt capacity, archetype classification — 48+ scoring modules.
Available from the Pro tier upwards.
See pricing →Company details
Statusactive
Typeltd
Incorporated1999-08-27
Jurisdictionscotland
Primary SIC09100 — SIC 09100
Registered office
Unit 4c The Core, Berryhill Crescent
Bridge Of Don
Aberdeen
AB23 8AN
United Kingdom
Filing status
Accounts
Next due: 2027-02-28
Last made up to: 2025-05-31
Confirmation statement
Next due: 2026-08-01
Last: 2025-07-18
Officers (2 active · 23 resigned)
BRYANT, Michael Thomas→
Activedirector · ~64y · appointed 2021-08-16
View their other companies + combined net worth →
STRUTHERS, Shaun→
Activedirector · ~59y · appointed 2026-06-29
View their other companies + combined net worth →
BELL, Russell→
Resignedsecretary · appointed 2005-01-13 · resigned 2012-01-04
BELL, Sharon Martha→
Resignedsecretary · appointed 2012-01-04 · resigned 2015-05-21
NIVET, Neil Combe→
Resignedsecretary · appointed 1999-08-31 · resigned 2004-12-02
COMBINED SECRETARIAL SERVICES LIMITED→
Resignedcorporate-nominee-secretary · appointed 1999-08-27 · resigned 1999-08-31
BELL, Russell→
Resigneddirector · ~61y · appointed 1999-08-31 · resigned 2024-11-28
BELL, Sharon Martha→
Resigneddirector · ~59y · appointed 2012-01-04 · resigned 2015-05-21
DAVIDSON, Audrey Margaret→
Resigneddirector · ~69y · appointed 2012-01-04 · resigned 2015-05-21
DAVIDSON, Raymond→
Resigneddirector · ~70y · appointed 1999-08-31 · resigned 2015-05-21
FRASER, Mark William→
Resigneddirector · ~46y · appointed 2018-07-04 · resigned 2021-08-18
HOGARTY, William→
Resigneddirector · ~70y · appointed 2015-05-21 · resigned 2016-05-15
LOCKHART, Colin John→
Resigneddirector · ~65y · appointed 2012-01-04 · resigned 2016-05-15
LOCKHART, Colin John→
Resigneddirector · ~65y · appointed 2005-01-13 · resigned 2009-01-31
MACBRIDE, Stuart Crawford, Capt→
Resigneddirector · ~79y · appointed 1999-08-31 · resigned 2004-12-02
NIVET, Neil Combe→
Resigneddirector · ~73y · appointed 1999-08-31 · resigned 2005-01-13
O'NEIL, Brett Anthony→
Resigneddirector · ~61y · appointed 1999-08-31 · resigned 1999-09-17
PARK, Leslie James→
Resigneddirector · ~67y · appointed 2005-01-13 · resigned 2011-01-05
SKIDMORE, Robert William→
Resigneddirector · ~65y · appointed 2015-05-21 · resigned 2018-04-27
STRUTHERS, Shaun→
Resigneddirector · ~59y · appointed 2024-11-28 · resigned 2026-06-25
Click a director name to see their full track record across all companies.
Mortgages & charges
11
Total charges
1
Outstanding
1
Active lenders
Status:Lender:11 of 11 shown
| Type | Properties | |||||
|---|---|---|---|---|---|---|
| outstanding | Igf Business Credit Igf Business Credit Limited | A registered charge | — | 23/05/2023 | — | |
| satisfied | Glas Trust Corporation as Security Agent Glas Trust Corporation Limited as Security Agent | A registered charge | — | 13/01/2017 | 24/05/2023 | |
| satisfied | Lloyds Banking Group The Royal Bank of Scotland PLC | A registered charge | — | 29/09/2016 | 24/05/2023 | |
| satisfied | Lloyds Banking Group The Royal Bank of Scotland PLC | A registered charge | — | 07/03/2016 | 24/05/2023 | |
| satisfied | Lloyds Banking Group The Royal Bank of Scotland PLC | A registered charge | 1 property | 21/05/2015 | 24/05/2023 | |
| satisfied | Lonsdale Capital Partners Lonsdale Capital Partners LLP | A registered charge | — | 21/05/2015 | 24/05/2023 | |
| satisfied | Lloyds Banking Group The Royal Bank of Scotland PLC | A registered charge | — | 14/01/2015 | 02/06/2015 | |
| satisfied | Lloyds Banking Group The Royal Bank of Scotland PLC | A registered charge | 1 property | 10/11/2014 | 02/06/2015 | |
| satisfied | Lloyds Banking Group The Royal Bank of Scotland PLC | A registered charge | — | 06/01/2014 | 02/06/2015 | |
| satisfied | NatWest Group Rbs Invoice Finance Limited | Floating charge | 1 property | 20/06/2006 | 26/05/2015 | |
| satisfied | Lloyds Banking Group The Royal Bank of Scotland PLC | Bond & floating charge | 1 property | 03/02/2006 | 02/06/2015 |
Click column headers to sort. Use filters above to narrow by status and lender.
Recent filings (165 total)
appoint-person-director-company-with-name-date
officers · AP01
2026-06-29
termination-director-company-with-name-termination-date
officers · TM01
2026-06-25
accounts-with-accounts-type-audit-exemption-subsiduary
accounts · AA
2026-06-23
legacy
other · AGREEMENT2
2026-06-23
legacy
accounts · PARENT_ACC
2026-06-17
legacy
other · GUARANTEE2
2026-06-17
legacy
accounts · PARENT_ACC
2026-05-29
legacy
other · GUARANTEE2
2026-05-29
confirmation-statement-with-no-updates
confirmation-statement · CS01
2025-07-18
accounts-with-accounts-type-audit-exemption-subsiduary
accounts · AA
2025-02-27
legacy
accounts · PARENT_ACC
2025-02-27
legacy
other · AGREEMENT2
2025-02-27
legacy
other · GUARANTEE2
2025-02-27
appoint-person-director-company-with-name-date
officers · AP01
2024-11-28
termination-director-company-with-name-termination-date
officers · TM01
2024-11-28