When Philip Pugh founded Adept CTS back in 2006 with his ex-wife Michelle, the pair built the business into a thriving £1 million-plus telecoms operation in the North East.
But after years of hard work, they began to explore the idea of selling – a process that would take several turns before finding the right fit.
“We’d had a number of approaches over the years,” Philip explains. “But none of them really offered the guarantees we were looking for. Customer and employee continuity were our main concerns, and we didn’t want to see everything we’d built unravel.”
After several false starts – each leaving behind a little more frustration and cost – Philip was understandably cautious about trying again.
“We’d been through two or three attempts that had failed for one reason or another so decided to carry on building the business. That was until I met Roger from Tech Acquisitions.”
A Relationship Built on Trust
Rather than rushing into a deal, Philip and Roger built a relationship over five to six months. Through that period, Roger worked closely with Philip to overcome any worries he had about selling his business.
“Roger introduced me to his business partner Jonathan, and together they structured a deal that worked, not just for Michelle and I, but for our employees as well” says Philip.
Adept CTS sold its shares to the Tech Acquisitions team, and their customers have been gradually transitioning, with Philip staying on to ensure continuity.
“It was important that customers didn’t feel abandoned or nervous. I’ve stayed as their main point of contact while the transition continues. It’s very much been business as usual.”
A Smooth Transition – for Everyone
For Philip, finding a buyer that valued his people and customers as much as he did was key.
“As a business turning over more than a million, I didn’t have the same buying power as larger players. Selling to the Tech Acquisitions team allowed me to tap into better resources and a stronger foundation for customers and staff alike.”
So far, customer retention has remained high – with only 10 out of 250 clients moving elsewhere. “Competitors tried to swoop in of course, as they always do, but overall, it’s been very stable. The Tech Acquisitions team have been supportive and straightforward to deal with.”
Integrity Above All
When asked what made Tech Acquisitions different, Philip doesn’t hesitate.
“Integrity. Honesty. They’re not liars – that might sound blunt, but when you’ve been through the mill a few times, you can tell pretty quickly who’s genuine and who’s not.”
Roger and Jonathan passed my tests. They were transparent, personable, and kept things on an even keel, even when there were a few little pushes and pokes along the way. I’d recommend them to any of my business colleagues.”
Having sold a business before, Philip was also pleasantly surprised by how smooth this experience was.
“The last sale I did was different, handled through solicitors, and full of squabbling. With Jonathan and Roger, I felt connected – more honesty on the table, less worry. When you’re planning for retirement and you care about your people, that matters more than anything.”
Looking Ahead
At 71, “retirement” isn’t quite the word for Philip. Whilst he has no short-term intentions for anything to change with Adept CTS, he is embracing his charity work and looking at growing the business he started with his son – Adventure Mobility.
“With a son whose wheelchair bound, but who wants mobility and freedom, I’ve been inspired to develop an all-terrain wheelchair for paraplegics and quadriplegics to help them get outdoors more easily. We’ve been building them in partnership with Barrington Metalworks & I would really love to see where we can take this next.” Concludes Philip.
A Word from Tech Acquisitions
Jonathan Rutter, Director at Tech Acquisitions, commented:
“Philip and Adept CTS are a great example of what can happen when the right buyer and seller are brought together. It’s never just about numbers – it’s about people, trust, and continuity. We’re proud to have helped make that happen.”
About Tech Acquisitions
Tech Acquisitions helps owners of IT and telecoms businesses realise the value of what they’ve built – by matching them with genuine, qualified buyers who share their values.