Bluestone celebrates 20 years since management buy-out/buy-in
This month, Bluestone, an FCA-accredited, award-winning independent finance broker based in Wakefield, West Yorkshire, celebrated 20 years since its current management team bought into the business. Formerly Wyse Leasing (North), it became Bluestone Leasing following the buy-out and remains one of the few independently owned asset finance intermediaries to this day.
Over the past 20 years, Bluestone’s finance volume has grown from £10m to more than £130m. An industry leader, it has evolved from an IT specialist into a broader finance broker specialising in asset, cashflow and property finance. It continues to expand its funder network and the range of assets it finances, building its expertise in understanding and funding more complex transactions.
In January 2024, Bluestone Leasing became Bluestone, launching a new brand, website and online finance platform to reflect its growth. Its technical expertise has developed alongside its presence in the finance sector. With an internally developed CRM system and an online platform that connects to multiple funders through APIs, enabling customers to get quick quotes and make full applications to finance within minutes, Bluestone uses innovative and continually evolving technology to improve the customer and business experience.
Phillip Bennett, CEO of Bluestone, said: “Whilst living and working in the present, Bluestone is always looking to and planning for the future. Every so often however, it is worth looking back at where we have come from and the experiences we have had along the way. An anniversary like this provides just such an opportunity.”
“Businesses, particularly small and medium sized enterprises, are the foundations on which an economy and a country are built. I am so proud to have spent 20 years of my career working with a wonderful team of people who are dedicated to helping such businesses achieve their goals and dreams. We don’t often reflect on the successes we have had, but they have been many, varied and impressive.” “We are still a small team but a close one. Others can speak more eloquently than I can of what Bluestone means to us personally, so I would simply like to say thank you to everyone who started the journey with us all those years ago, several of whom are still with us, and to those who have joined our journey along the way. It has been a joy to see you all progress in your careers and in your lives. The last 20 years have thrown plenty of challenges our way and I am sure the next 20 years will also have their share of surprises for us too. I am however confident that the future will be bright and I am genuinely excited to see where such a talented and dedicated team can take us.”
Vineesh Madaan, managing director of Bluestone, said: “Twenty years ago, Phillip, Jonathan and I took a leap of faith and bought the business from its previous owners. Like any business journey, it hasn’t always been straightforward. We’ve faced challenges none of us could have anticipated, but we’ve faced them together, and I think that has made the business stronger.
What stands out for me when I look back isn’t just how much the business has grown, but the people who have been part of that journey. I feel incredibly fortunate to work alongside such a talented and committed team. Businesses are ultimately about people, and ours have made the business what it is today.
“I’m also coming up to my own 30th anniversary with the business, which makes this a particularly poignant milestone for me. I’ve spent almost three decades watching it change, grow and evolve, and I’m immensely proud of what we’ve created together. Most importantly, I still believe there is a lot more to come.”
Mark Hargreaves, finance director at Bluestone, said: “Reaching my 20th year in the business has marked a journey for me that has been educational, transformational and emotional; I barely recall the young man I used to be. I live and breathe Bluestone, and it sits at the core of who I am and what I do – I’m sure many who know me have come to recognise that the business and its development is at heart of all my actions. I am passionate about the business and whilst some days can be tougher than others, my love for the business never dwindles.”
“On a personal note, Bluestone and the team have seen me go through and supported many a milestone and helped facilitate my children’s future and work ethics – people sit at the heart of our values as a business and my experience is proof of that. Professionally we have had our fair share of challenges – it’s been a rollercoaster, but I couldn’t think of anyone I’d have rather shared this experience with.”
Jonathan Bourne, non-executive Director at Bluestone, said: “Twenty years ago, Phillip, Vineesh and I bought a business with huge potential. We weathered the 2008 financial crisis and many smaller storms since, and it has been a source of huge pride to see the company, and our colleagues thrive and make a difference to many thousands of growing businesses across the country. Bluestone is a reminder of the positive impact that long-term, patient, private equity ownership can have.”
Richard Tamlyn, sales director at Bluestone, said: “Having joined Bluestone in 2019, I’ve had the privilege of being part of the more recent chapter of our 30-year journey, 20 of those under the ownership of Phillip, Jonathan and Vineesh. The growth and success of the business is testament to the vision, resilience and commitment of the shareholders and the team they have built around them.”
“I’d like to congratulate Phillip, Vineesh and Jonathan on reaching such a significant milestone. Maintaining Bluestone’s independence, values and entrepreneurial spirit while continuing to evolve is a fantastic achievement. I’m proud to be part of the business and looking forward to the opportunities ahead.”
Bluestone is committed to remaining an independently owned company, continuing to support businesses and channelling decades of experience, expertise and effort into the success of the people and organisations it meets