M&A Zing (Ep. 11) – Buy-Side Breakdown: 3 Freehold Nurseries in North-West England

Episode 11,   Apr 23, 04:46 PM

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In this Buy-Side Breakdown, *M&A Zing* hosts *Alfie Lambert* and *Gareth Hawkins* analyse a real listing: three freehold nurseries in North-West England generating £1.26 million revenue and £284 k EBITDA. They explore sector roll-ups, Ofsted ratings, and the perennial PropCo-vs-OpCo dilemma—should you buy the property or lease it back from the seller? Growth levers range from capacity expansion and premium pricing to holiday-club diversification, while risk factors include staff-ratio compliance and government funding changes.

Before diving in, the duo runs through European search-fund news—Spanish deals, Moonbase Capital’s latest *Search Fund Squared*, and more. By the end, both hosts cast a confident *BUY* vote, but invite listeners to share their own verdict. If you’re eyeing your first acquisition—or adding the next bolt-on to a growing hold-co—tune in for practical insights on childcare valuations, diligence check-lists, and deal structuring.

Welcome to M&A Zing - the weekly show for acquisition entrepreneurs, search-funders, and hold-co builders across the UK & Europe. In this episode, Alfie Lambert and *Gareth Hawkins* debut our second ever Buy-Side Breakdown*: a trio of freehold nurseries in North-West England (turnover £1.26 m, EBITDA £284 k, capacity 320). We dig into Ofsted ratings, valuation maths, platform-building strategy, and ultimately decide… would *you buy or pass?

Timestamps* 
[00:00:12] Introduction & Welcome 
[00:00:30] Co-host Banter & Show Format 
[00:01:29] This Week’s News – Spanish search-fund deals, Moonbase’s Search Fund Squared 
[00:04:08] Deal Overview – 3 freehold nurseries, key financials & capacity 
[00:04:40] UK Nursery Roll-up Landscape – Busy Bees, Kids Planet, Bright Stars 
[00:07:54] Listing Fundamentals – Revenue, EBITDA, Ofsted “Good”, staff count 
[00:10:47] Location Deep-Dive – Manchester, Wythenshawe & Hartford catchments 
[00:13:06] Freehold vs. OpCo Valuation – PropCo carve-out possibilities 
[00:15:27] Growth Levers – Premium tiers, holiday clubs, 4th-site rollout 
[00:21:00] Due-Diligence Watch-lis* – Staffing ratios, Ofsted cycles, property surveys 
[00:24:40] Deal Structures – Vendor pension leases & commercial mortgages 
[00:27:00] Buy or Pass? – Both hosts vote BUY 
[00:32:00] Next Week & Symposium Plug
[00:34:00] Wrap-Up: “Keep on Crunching!”

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3. Episode Highlights / Quick Takeaways 
Roll-up Ready – Freehold assets + professional management = perfect nursery platform. 
PropCo-OpCo Split – Buying the operations and leasing the properties can lower entry cost. 
Growth Upside – Capacity expansion, premium “Scandi-style” tiers, and holiday clubs. 
Due-Diligence Musts – Fresh Ofsted reports, staff-tenure liabilities, deferred maintenance. 
Both Hosts Say BUY – But will you? Drop your verdict in the comments!

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