How a group credit rating dropped by £700k because of one failed acquisition with Gavin Page
Ever wondered what happens when an acquisition doesn’t go to plan?
In this episode, I speak with Gavin Page, a serial entrepreneur with 28 years in business and a decade of buy-and-build experience. Gavin grew a group of nine companies turning over more than £8 million, but one failed acquisition changed everything.
We dive into the reality of scaling through acquisition, from structuring deals and navigating distressed purchases to the unexpected fallout from Royal Mail strikes and rising energy costs. Gavin shares how overleveraging, weak management teams, and unforeseen market changes can bring down even the most carefully structured groups.
But this isn’t just a cautionary tale. Gavin reveals how he rebuilt after collapse, why he now mentors buyers and sellers to avoid the same pitfalls, and what he’s learned about resilience, due diligence, and leadership in high-stakes M&A.
If you’re considering buying a business or preparing your own exit you’ll want to hear this one to the end.
“Trust your gut — my biggest mistake was letting my ego say yes when my instinct said no.” – Gavin Page
You’ll hear about:
Gavin’s first acquisition and how it all began
Lessons from buying a £1 distressed company
The Royal Mail strikes and Amazon refunds crisis
How overleveraging can destroy a profitable group
Energy price shocks and their impact on M&A
The importance of strong financial due diligence
Avoiding personal risk through smart deal structure
Leadership, management teams, and accountability
Rebuilding purpose after business failure
Coaching others to buy and sell wisely
Connect With Gavin Page
LinkedIn - https://www.linkedin.com/in/expertdealmaker/
Transition 360 Partners - https://www.transition360partners.co.uk/
Connect With Julie Wilkinson
LinkedIn - https://www.linkedin.com/in/juliewilkinson-accounting/
Tik Tok – https://www.tiktok.com/@wasolutions
YouTube - https://www.youtube.com/channel/UCUvq6gfNoP_4dfIJulL6C6A
Facebook - https://www.facebook.com/wilkinsonaccountingsolutions
Website - https://wilkinsonaccountingsolutions.co.uk/
Find out more about our brilliant sponsor Acquisition Masters here - https://www.acquisitionmasters.co.uk/
Before you go, don’t forget to leave a comment and review if you got something out of this episode!
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36:15
Valuations: Fiction vs. Finance: What paper valuations say vs what they really mean
What really determines the value of a business?
In this episode I sit down with Saul Cohen, CEO of The Expert Eye, to explore the mechanics behind valuation and why it is never just about the numbers.
We look at how strong financial controls and a clear understanding of EBITDA give both buyers and sellers confidence, and how risk management can make or break a deal.
Saul and I also unpack the role governance plays in SMEs and why culture and people are often the hidden drivers of efficiency and value creation.
We discuss the responsibilities business owners must accept if they want to maximise their exit options, and challenge some common misconceptions around the role of brokers in the sales process.
If you want to understand what makes a business truly valuable and how to position yours for the best possible outcome, you need to listen to this episode.
"Valuation is never just numbers, it’s people and risk.” – Saul Cohen
You’ll hear about:
Why understanding financial controls is crucial for business valuation.
EBITDA being a key metric in assessing business performance.
How risk management directly impacts business valuation multiples.
SMEs often overlook operational risks during due diligence.
People and culture significantly affect compliance and operational efficiency.
Systems and processes being essential for effective governance.
Why business owners must take accountability for their financial literacy.
Brokers can provide valuable insights, but owners must challenge their valuations.
Financial literacy is lacking in the SME sector, impacting decision-making.
Connect With Saul Cohen
LinkedIn - https://www.linkedin.com/in/cohensaul/
The Expert Eye - https://theexperteye.co.uk/
Connect With Julie Wilkinson
LinkedIn - https://www.linkedin.com/in/juliewilkinson-accounting/
Tik Tok – https://www.tiktok.com/@wasolutions
YouTube - https://www.youtube.com/channel/UCUvq6gfNoP_4dfIJulL6C6A
Facebook - https://www.facebook.com/wilkinsonaccountingsolutions
Website - https://wilkinsonaccountingsolutions.co.uk/
Find out more about our brilliant sponsor Acquisition Masters here - https://www.acquisitionmasters.co.uk/
Before you go, don’t forget to leave a comment and review if you got something out of this episode!
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55:33
Grew to £12m per year adding 23x onto the value of the company with Sam Penny
What happens when a casual side hustle explodes into a million-dollar-a-month enterprise almost overnight?
In this episode I am joined by Sam Penny, founder of Cheese Therapy, who scaled his cheese distribution business by 23x during the COVID-19 pandemic, in 18 months before choosing to exit.
Sam takes us behind the scenes of his explosive growth, unexpected founder departure, and the moment he realised he was no longer energised enough to keep going.
Sam opens up about the real cost of building a brand too dependent on its founders, and what he wishes he’d done differently to stay “sale ready.”
Whether you're planning to grow through acquisition, raise capital, or exit entirely, Sam’s story is packed with hard-earned lessons that could save you time, energy, and equity.
" You don’t sell your business when you’re exhausted, you sell it when you're energised.” – Sam Penny
You’ll hear about:
How bushfires and COVID catalysed a 23x surge in revenue
• Why relying too heavily on founders can limit long-term business value
• The importance of building SOPs and internal systems early
• How co-founder departures can derail momentum
• Why founder energy impacts valuations more than you think
• The most overlooked steps to becoming “sale ready” before burnout hits
Connect With Sam Penny
LinkedIn - https://www.linkedin.com/in/sampenny/
Sam’s Linktree - https://sampenny.com/pages/start
Connect With Julie Wilkinson
LinkedIn - https://www.linkedin.com/in/juliewilkinson-accounting/
Tik Tok – https://www.tiktok.com/@wasolutions
YouTube - https://www.youtube.com/channel/UCUvq6gfNoP_4dfIJulL6C6A
Facebook - https://www.facebook.com/wilkinsonaccountingsolutions
Website - https://wilkinsonaccountingsolutions.co.uk/
Find out more about our brilliant sponsor Acquisition Masters here - https://www.acquisitionmasters.co.uk/
Before you go, don’t forget to leave a comment and review if you got something out of this episode!
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41:00
Buy and Build success: From employment to acquiring a £4m group
What happens when a successful pharmacist gives up his career to buy a care business—just weeks before the COVID-19 pandemic?
In this episode, Chike Nwangwu, Managing Director of Nash Homecare and the BESDA Group, shares how he built a £4M care group through four strategic acquisitions in just five years.
Chike breaks down the emotional and operational challenges of buying a business, from navigating sudden lockdowns to managing sceptical teams and sceptical family members.
Discover how he transitioned from corporate stability to entrepreneurial uncertainty—and the strategies that helped him not only survive but thrive.
"Building rapport with the seller can make or break an acquisition.” – Chike Nwangwu
You’ll hear about:
How to transition safely from a corporate career into business ownership
The critical role of team dynamics and internal leadership in acquisition success
Lessons learned from completing two deals simultaneously, including a £1.2M+ acquisition
Why building your team before you grow is the secret weapon to scaling
How to avoid the trap of “buying yourself a job”
Connect With Chike Nwangwu
LinkedIn - https://www.linkedin.com/in/chikenwangwu/
Connect With Julie Wilkinson
LinkedIn - https://www.linkedin.com/in/juliewilkinson-accounting/
Tik Tok – https://www.tiktok.com/@wasolutions
YouTube - https://www.youtube.com/channel/UCUvq6gfNoP_4dfIJulL6C6A
Facebook - https://www.facebook.com/wilkinsonaccountingsolutions
Website - https://wilkinsonaccountingsolutions.co.uk/
Find out more about our brilliant sponsor Acquisition Masters here - https://www.acquisitionmasters.co.uk/
Before you go, don’t forget to leave a comment and review if you got something out of this episode!
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33:42
134% Swings: Welcome to the Subjective World of Valuations with Rob Goddard
Think Your Business is Worth More? Here’s What Buyers Are Really Looking At.
Sellers often feel let down by their business valuation. There is a key principle that they overlook from the start of building their business that has a huge impact – their financial literacy.
In this episode I am joined by Rob Goddard, seasoned M&A advisor, to unpack the real financial truths behind selling—or buying—a business.
We break down the myths and misconceptions around business valuations, why adjusted EBITDA is more than just a buzzword, and the critical role financial literacy plays in building business value.
You’ll also hear how real-world businesses prepared for sale, the impact of operations on valuation, and the key team members you need to get top offers when it’s time to exit.
If you're building to sell—or just want to run a smarter business—this is the financial deep dive you can't afford to miss.
"You need a robust financial report to sell.” – Rob Goddard
You’ll hear about:
The fact valuations often differ from perceived value due to various factors.
Why a business's true value cannot be determined solely by financial statements.
Financial literacy being a significant gap among many entrepreneurs.
Robust financial processes are necessary for successful business sales.
Why investing in financial management can lead to better business outcomes.
How misleading ad backs can inflate business valuations unjustly.
Outdated processes hindering business operations and financial accuracy.
Building a competent team is essential for business growth and saleability
Connect With Rob Goddard
LinkedIn - https://www.linkedin.com/in/robgoddard/
S-Cubed Advisory - https://s-cubedadvisory.com/
Connect With Julie Wilkinson
LinkedIn - https://www.linkedin.com/in/juliewilkinson-accounting/
Tik Tok – https://www.tiktok.com/@wasolutions
YouTube - https://www.youtube.com/channel/UCUvq6gfNoP_4dfIJulL6C6A
Facebook - https://www.facebook.com/wilkinsonaccountingsolutions
Website - https://wilkinsonaccountingsolutions.co.uk/
Find out more about our brilliant sponsor Acquisition Masters here - https://www.acquisitionmasters.co.uk/
Before you go, don’t forget to leave a comment and review if you got something out of this episode!
As a chartered management accountant by trade, I uncovered my true potential at 37, moving from a well-paid corporate job to building my own accounting and consultancy firm. Having worked on 5-10 acquisitions or business exits each month for clients, I understand the key challenges business owners face, including getting the real value they want for their business, whilst having the right controls and processes in place so the business can run independently of the owners.
The Build and Exit podcast will include conversations, stories and real-life examples of day-to-day challenges business owners face, different methods of growth including acquisitions and top tips on how owners can transition from working in their business to working on it, enabling them to maximize their value on exit. I will also include episodes where I share my own learnings on business management and how Wilkinson Accounting Solutions are planning to continue to grow by acquisition.
South Africa