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Support services group Mouchel Parkman has entered the business process outsourcing market after buying HBS.

The group bought the company, which also has an IT services operation, as part of its strategy to become the UK’s leading provider of professional services to the public sector.

Mouchel Parkman has worked on joint venture projects with HBS, which provides finance, administration and consultancy services, while its property division offers building design and facilities management expertise.

The company was sold by private equity firm Terra Firma for some £46.2 million. The deal was satisfied in cash funded by a £125 million debt line provided by The Royal Bank of Scotland and Lloyds TSB.

HBS director Alan Rylett will lead the acquired business, which now operates as a division within Mouchel Parkman.

Milton Keynes-based HBS, formerly Hyder Business Services, was formed in 1999 following the privatisation of Welsh Water (Hyder) and was acquired by Terra Firma a year later.

The company’s clients include Lincolnshire County Council, Middlesbrough Borough Council, Milton Keynes Council, Bath and Northeast Somerset Council and Oldham Metropolitan Borough Council. In the 12 months to April this year, HBS made a pre-tax loss of £2.6 million from a £124.1 million turnover.

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