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Acquisitions of businesses happen for a variety of reasons, but in this case, we’re talking about adding value. On Monday, 25 February 2019, Fantastic Services announced its acquisition of top London-based plumbing company, My Plumber. The move is going to add more value to Fantastic Services’ already growing service portfolio.
It’s simple. Valuable and quality plumbing and heating services offered by Fantastic Services for the very first time. We know that plumbing’s only important in emergencies and that this service shouldn’t be underestimated. What’s more is that demand for good, reliable plumbers has never been higher. Fantastic Services’ co-founder, Rune Sovndahl says that acquiring My Plumber is a move of choice as this is the “best-rated plumbing company in London.”
And speaking of demand in the plumbing sector, here’s an interesting fact: according to figures from IBISWorld, the UK plumbing and heating sector has a market worth of £17.2 billion, with a 4.3% annual growth over the past five years. This means that this sector is booming and there’s certainly room for growth as demand for good quality services grows.
This one’s easy. Sovndahl mentions that he wants to continue building on the feel-good factor when it comes to customer satisfaction. He says he will do this by utilising the existing Fantastic Services systems to offer excellent, professional experience at a good price – three factors that we believe all customers are looking for.
My Plumber’s existing staff members – which comprise of an experienced team of Gas Safe accredited technicians, electricians and handymen, plus an administration and estimating team – will be retained. The company, which was established in 2005, has expertise in general plumbing repairs and installations, as well as heating and gas services including the installation of boilers and central heating systems. It also operates electrical services, under the My Electrician name, as well as a handyman operation called My Handyman.
Meanwhile, Angie Lyons-Redman, the owner of My Plumber, said: “I am delighted to be in a position to sell My Plumber to Fantastic Services, a company that shares my passion for customer services. I believe that the staff and customers will benefit massively from the investment that Fantastic Services can provide and I look forward to seeing the next chapter for the business.”
Sovndahl mentioned that he’s got rival outfit Pimlico Plumbers – London’s largest independent plumbing company – in his sights as he targets plumbing sales worth £40 million a year. He said he believes that Fantastic Services can eclipse this player in the market as London gears up to receiving more fantastic plumbing services.
Sovndahl added: “We are intent on building a customer-focused position in the plumbing and heating services market that will seriously challenge the established players such as British Gas and Dyno”.
Fantastic Services, which processed customer orders worth £32.5 million in 2018, already specialises in cleaning, gardening, landscaping, waste removal, pest control alongside handyman services. The purchase of My Plumber marks another period of expansion for Fantastic Services, as it expects to process customer orders worth £40 million in 2019.