• Founded in 2005 by Mick Buston and Mick Moughan, B&M has grown to become a leading provider of social housing refurbishment services across the North East
• B&M provides heating installations, kitchen and bathroom refurbishments alongside other property services to thousands of homes across the North East
• B&M employs more than 90 staff supported by a strong pool of subcontractors, with growth creating opportunities for apprentices and skilled tradespeople across the region
• Foresight has a strong track record of backing growing businesses throughout the UK, and continues to invest in exciting small companies across the North East.

Newcastle, 17 October 2025: Foresight Group (“Foresight”) a leading regional private equity and real assets investment manager, has announced an investment into Buston & Maughan (“B&M” or the “Company”), a County Durham–based firm specialising in heating installations, property refurbishment, servicing and void works for social housing.

The investment has been made from the Foresight North East Fund, which was launched in 2022 and made possible by £18m from Durham County Council’s Pension Fund.

B&M, headquartered in Crook, County Durham, was founded by former gas engineers Mick Buston and Mick Maughan. Over the past two decades the Company has scaled its operations significantly. In FY25 alone it installed over 5,000 boilers, served more than 11,500 properties, and held around 50% market share of heating installations in its core region. The Company has earned distinction for its compliance excellence, speed of deployment, and customer service.

The Company sought external support to accelerate its geographic expansion, professionalise operations, and deepen its contractual reach. Foresight’s backing will enable B&M to build on its strong business foundations and capitalise on growing investment in social housing standards and retrofit demands across the North of England.

Beyond capital, Foresight will play an active role in governance, introducing a chairperson and strengthening the leadership team. Foresight will also support B&M in talent development, procurement efficiency, and sustainability initiatives including apprenticeship programmes and carbon reduction strategies.

Foresight manages a number of regionally focused funds dedicated to growing companies across the UK and Ireland. The strategy has proven successful, delivering societal benefits alongside good economic returns in structurally underserved regional markets. The North East, particularly County Durham, is home to a vibrant and ambitious business community and Foresight continues to invest to support entrepreneurs and businesses like B&M across the region.

Cllr Chris Fairs, chair of Durham County Council’s pension fund committee, commented: “We provided £18m for the Foresight North East Fund, to invest in exciting small local businesses, support economic growth and job creation. This latest investment into a County Durham based business is a great example of the Fund supporting a local company in its growth journey, and is also in line with our commitment to supporting companies on our doorstep and achieving social value, through our County Durham Pound initiative. Foresight has a strong team in the North East, and it’s great to see its continued and growing commitment to this region.” 

Mick Buston, CEO and co-founder of B&M, said: “Over two decades we’ve built B&M on a foundation of integrity, compliance-led technical excellence, and client focus. Partnering with Foresight gives us the platform and capability to scale further, reach new territories, and deliver more impact for our clients and communities.”

Tavia Sparks, Investment Director at Foresight Group, commented: “With its strong fundamentals, a clear growth trajectory, and a proven team, B&M exemplifies the kind of regional business we look to partner with. We believe the demand for high-quality social housing refurbishment and heating infrastructure will remain robust, and we’re excited to support Mick Buston, Mick Maughan and their team in this next chapter.”

ENDS

Advisers to the Company: 
Corporate Finance: FRP
Legal Advice: Knights

Advisers to Foresight:
Financial DD: Translink
Legal Advice: Muckle
Management DD: Catalysis
Insurance DD: Gallaghers
Cyber DD: KrytoKloud
Commercial DD: PMSI

Notes to Editors 

For more information contact: 
Chris Barry, Influential: Barry@thisisinfluential.com / +44 (0)7733 103 693
Foresight Group: marketing@foresightgroup.eu