Putting people first: How a 220-year-old family business in the UK found its future

When Guy Mears sat down with potential buyers for his family's carpet business, he wasn't primarily thinking about valuations or deal structures. After 50 years at the helm of H. Mears (Furnishers) Ltd. – six generations and 220 years in Preston, Lancashire – he was thinking about people.

“From our first meeting, I felt Philip and the AIA team genuinely understood what our 220-year legacy represents: the high standards we've built with our loyal staff and clients, many of whom have been with us for more than 30 years,” said Mears. “This must continue, and I'm certain it will.”

The Mears acquisition shows why the management buy-in model works for family businesses facing succession challenges, and why the right approach matters as much as the right price. Mears had rejected previous approaches from other buyers. What made the difference this time wasn't a higher bid but a fundamentally different approach.

The new CEO Philip Cefai, an experienced operator and previously managing director of Crown Paints, understood this instinctively.

“When you've built a business for over 50 years, you want to make sure it's passed into the hands of someone who’s going to care as much as you did,” he explains. “Service was everything to Guy. It still is.”

The first meeting proved pivotal. Rather than leading with financial projections, Cefai led with honesty about his own limitations. 

“Guy asked me what I knew about commercial flooring. And to be fair, I said, ‘Not a lot’. But what I do know about is building customer relationships, developing teams, and running profitable operations,” says Cefai.

That candour built the trust that mattered most. “I don't think this is just about the money,” Cefai told Mears. “This is about you feeling comfortable that you can step away, and knowing emotionally that when you have to sign, you can do it.”

The matchmaker model

The AIA approach finds experienced operators like Cefai and matches them with businesses like Mears. AIA provides the capital, due diligence, and deal execution expertise that lets operators focus on building relationships with sellers. Cefai came to AIA through a network contact, looking for something different after two decades in corporate environments. 

“A small family business that's been run well, delivering profits, with good customers and a good team – [that’s] too good to pass up,” he says. “The devil's in the detail. Legals, financials, commercials, contracts, leases – the team put it together in a way you could formulate your plans."

Crunching the numbers

Cefai’s biggest worry was transparency: was the data reflective of the business, or had things been missed? A subtler concern was preserving Guy Mears' customer relationships. The solution: Mears stayed on for a transitional period, giving Cefai the chance to meet customers with “the previous owner's rubber stamp of approval”, unlike some deals where owners depart immediately, leaving new leadership to walk in cold.

Asked by staff whether he'd turn Mears into a corporate operation, Cefai was unequivocal: “This isn't about a revolution. You've got to be humble enough to take on the wisdom of people who have been in the business and combine it with what you bring.”

Growth will come from deepening existing customer relationships, not chasing new markets. Cefai has also identified needed improvements: better customer relationship management (CRM) use for “one view of the customer”; and a weekly meeting cadence – having come from a business “where the diaries were full of meetings every hour” to a calendar with none.

History in the making

Mears employs 33 people in Preston and has served the Lancashire community for over two centuries. 

“I've always had a sense of responsibility,” Cefai reflects. “The people in the factory or warehouse don't have the choice to go out and get work – they rely on us winning business.” 

Cefai’s goal is to “make Mears stronger so it continues for many more years – another 200, hopefully”.

Asked what success looks like in five years, Cefai returns to people: “It starts with developing their skills as much as they want and as much as we need as a business.” 

Profitability funds that ambition: “I'm not ashamed of saying we need to generate those profits to carry the business forward.” 

Cefai circles back to the deal's root cause: “The reason Guy decided to sell is because there wasn't a succession plan. If we're really true to our word, we need to put one in place to continue the business for generations to come.”

The Mears acquisition offers a template for how management buy-ins can solve Europe's family-business succession crisis. Capital and expertise aren't enough; what distinguishes successful transitions is genuine trust with sellers handing over their life's work. 

“What drives me now is developing the team to be even more successful,” Cefai says. “That's really what it's about.”

Read more details here.