In this episode of M&A Zing, Gareth Hawkins sits down with Thomas Fry and Luke Grob, co-founders of LT Heritage Partners, to break down what it actually looks like to build a UK search fund from scratch.

They cover the unglamorous reality (rejection, long lead times, and keeping momentum), the strategic bits (what makes a great target, how to think about “defensibility” in an SME), and the practical mechanics (how you build a proprietary sourcing engine, sharpen your outreach, and build conviction before you ever get to diligence).

What you’ll learn:

· How LT Heritage Partners are approaching the UK ETA/search fund path
· What their “ideal business” looks like and how they filter opportunities early
· Why sourcing is a process, not a moment (and how they’re building a repeatable engine)
· The real-world response rates, follow-up loops, and staying power required
· How they think about value creation post-acquisition (people, positioning, process)

Timestamps
[00.11] Welcome + why this episode (building a UK search fund in practice)
[02.21] Luke’s path into deals, investing, and why ETA
[06.12] Tom’s route from engineering/consulting into the search journey
[11.28] Why a two-partner search model and how they think about operator-led execution
[19.14] Building the team early: interns, leverage, and “doing the reps”
[25.33] Investor mindset and constructing a support base that actually helps
[38.16] What they’re looking for in a target business (and what’s a red flag fast)
[42.38] Proprietary sourcing: how they’re building their outreach machine
[49.02] Search realities: response rates, persistence, and what “good” looks like
[56.50] Reputation, trust, and how to approach owners properly (without being weird)
[63.20] Final advice for aspiring searchers
[65.18] Wrap-up + where to find LT Heritage Partners

About LT Heritage Partners:
LT Heritage Partners is a UK-focused acquisition vehicle looking to acquire and grow a high-quality SME with a long-term, operator-led approach.

LT Heritage Partners: https://ltheritagepartners.co.uk/

BizCrunch: https://www.bizcrunch.co/

UK landscaping is consolidating fast. We unpack the roll-up playbook, size up the big platforms, and then get practical with two real listings: a London front-garden specialist and a Midlands grounds-maintenance and arboriculture firm. Expect ARR dynamics, founder-dependence risk, accreditations, margins, and whether either deal makes sense as a platform.

Highlights include Nurture Group and idverde context, why arboriculture commands premiums, what “second-tier management” does to risk, and where multiple arbitrage shows up for acquirers. T

Timestamps:
[00.00] Intro and shout-outs in the searcher community
[02.05] Theme of the episode: UK and EU landscaping consolidation
[03.20] Nurture Group story and acquisition cadence
[04.35] Nurture numbers: revenue, losses, financing, adjusted EBITDA
[05.41] idverde, TCL and Green Landscaping Group across Europe
[07.02] Recurring revenue logic and arboriculture as a stabiliser
[09.26] Why we’re doing two deals instead of one
[12.24] Deal 1: London front-garden design/restoration specialist
[14.03] Deal 1 financials and profitability profile
[16.18] Deal 1 scalability limits and niche constraints
[17.39] Deal 1 founder-dependence and transition risk
[21.01] Deal 1 verdict
[23.00] Deal 2: Midlands grounds-maintenance and arboriculture firm
[24.22] Deal 2 margins: ~£450k EBITDA on ~£1.26m turnover
[25.09] Accreditations (CHAS, SMAS) and why they matter for tenders
[27.02] Second-tier management and saleability de-risking
[29.25] Platform potential and regional bolt-on strategy
[31.29] Multiple arbitrage at scale
[32.18] Deal 2 verdict
[33.27] Wrap-up and what’s next

Listings discussed:
• https://www.intelligent.co.uk/businesses-for-sale/leading-specialist-in-front-garden-design-restoration-and-creation-for-period-properties-based-in-south-east-england-int3528
• https://uk.businessesforsale.com/uk/specialist-grounds-maintenance-arboriculture-and-landscaping-service-provider.aspx

Want the company-level numbers we reference? Check performance summaries updated weekly from Companies House via BizCrunch: https://www.bizcrunch.co

Gareth sits down with Craig Brennan to unpack how he’s grown a 60-site nursery group through patient dealmaking, strong operating cadence and a people-first culture. We get into deal structures (including vendor terms), what really moves EBITDA in childcare, how to integrate without breaking quality, and the mistakes that taught the biggest lessons. If you’re eyeing roll-ups in regulated services, this one’s a blueprint.

What you’ll learn: how to source and negotiate owner-led acquisitions, the KPIs that matter (occupancy, wage ratios, fee strategy), when to centralise vs leave local, handling staffing headwinds, and why sellers care about continuity as much as price.

Highlights include: the first “lightbulb” acquisition, spinning up a nurseries platform during Covid, six deals last year, keeping Ofsted-grade standards tight during integrations, the hardest lesson about outgrowing people, and three mistakes new buyers make.

Timestamps
[00.12] Intro and Craig’s background
[02.11] Ask For Group today
[04.47] From organic growth to first acquisition
[06.14] Professionalising the business
[10.47] Covid, regulation and safeguarding realities
[13.50] Demand, occupancy and parent expectations
[17.13] Leadership: letting go and building the team
[20.09] Debt, cash management and growth pace
[21.30] Valuations, deal flow and multiples
[24.22] Sourcing: direct to owner vs brokers
[28.49] What sellers care about beyond price
[31.14] Turnaround case study and bounce-back loans
[35.08] Headwinds: staffing, wages, ratios
[40.11] Quality and safeguarding as non-negotiables
[44.07] KPIs that move the needle
[45.19] Advice to first-time acquirers
[47.09] Wage choices, pricing and the employer brand
[48.56] Operating cadence and systems
[53.08] Closing and thanks

Guest: Craig Brennan - Chairman, SK4 Holdings; CEO & Founder, LSC; CEO & Founder, Nurtured Childcare; Owner, Cheadle Town FC.
https://www.linkedin.com/in/craigbrennanlsc

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