At Phenna Group, we pride ourselves on building long-term partnerships with high-quality businesses that share our values, vision, and commitment to excellence. When Code A Weld joined our group in 2019, it marked the start of a powerful journey, one defined by collaboration, growth, and shared success.
We recently sat down with Adam Gould, who took over as Managing Director in early 2024, to reflect on Code A Weld's acquisition journey and what's followed since. Having been closely involved in the process from the beginning, Adam offers a unique perspective on why joining Phenna Group was the right move, how the transition was managed, and the tangible benefits the business has seen in the years since. From cultural alignment to operational uplift, this is a story of a company that has grown stronger without losing sight of what made it great.
Adam began by explaining that the former managing director and sole owner, David Millington, originally completed the sale of the controlling share of the business to Phenna Group in 2019. He was actively involved in the process and had insight into some of the meetings, discussions, and decisions made during the acquisition. He was pleased to answer questions and reflect on Code A Weld's journey as they became part of the Phenna Group.
About Code A Weld
Code A Weld is a UK-based, UKAS-accredited company specialising in Welding Procedure and Welder Qualification Testing, Non-Destructive Testing, and Mechanical Testing. Renowned for their speed, quality, and accuracy in both results and documentation, they deliver exceptional service across a wide range of sectors including nuclear, renewable energy, oil & gas, aerospace, rail, automotive, pharmaceutical, marine, and food industries.
Each of their three core services operates independently and holds its own UKAS accreditation, ensuring the highest standards of quality and compliance.
With a mission to be recognised as the UK’s most customer-focused independent weld testing company, Code A Weld combines technical expertise, experience, and reliability with a commitment to honesty and integrity, supporting clients both in-house and on-site.
The Acquisition Journey
What initially attracted you to the idea of joining the Phenna Group?
At the time, we were a strong, independent business with solid growth, but we knew that to reach the next level, we needed the right strategic partner. What attracted us to Phenna Group was their clear focus on high-quality TICC businesses, their long-term vision, and their commitment to maintaining the identity and operational independence of the companies they acquire. It felt like a partnership, not a takeover.
Can you walk us through the process of how the acquisition discussions started?
The discussions started quite organically. We were approached by Phenna Group in early 2019 following a period of notable growth in our sector. Initial conversations were exploratory, with no pressure, just mutual curiosity to see if there was alignment. From there, we entered into more formal discussions, which progressed quickly once we realised our values and ambitions aligned.
What were the key factors that convinced you that this acquisition was the right move for your business?
It came down to people and philosophy. We felt that Paul Barry genuinely understood our industry and respected the culture we had built. The idea that we could retain our autonomy while benefiting from group-level investment, shared expertise, and broader commercial opportunities was very compelling.
Were there any concerns or challenges you had during the acquisition process? How were these addressed?
Of course, there were some initial concerns. Selling a controlling share in a business you've spent years building isn’t something you take lightly. Our main priority was protecting the culture we’d created and preserving the strong relationships we’d built with our customers. Phenna tackled these concerns directly, offering clear, transparent assurances (assurances that they’ve more than lived up to). We’ve maintained our brand, our values, and our way of working, but now with the added strength and stability of being part of the Phenna Group, as well as access to corporate-level expertise and support.
How would you describe the support provided by the Phenna Group during the acquisition process?
Regarding the access, meetings and involvement I had at the time, I found the team to be supportive, responsive, and professional throughout. The process was still stressful for all involved however Phenna were clear in their communication, pragmatic in their approach, and fair in negotiations. Post-deal, they’ve continued to provide hands-on support whenever needed, without micromanaging.
How did Phenna Group's values and vision align with your company's goals?
The alignment was strong. Both our business and Phenna prioritise people, quality, integrity, and customer service. Their vision to build a best-in-class group of testing, inspection, certification, and compliance businesses fit perfectly with our aspirations. We wanted to grow but do so in a way that didn't compromise our principles, Phenna understood that.
How did the acquisition impact your employees and internal culture at the time?
There was initial apprehension, as there always is with any major change. The transparency we maintained with our team helped ease those concerns quickly. In fact, it has had a very positive effect. The acquisition brought fresh energy, new opportunities for personal development, and a greater sense of long-term security. The culture hasn’t changed, it’s been enhanced.
Post-Acquisition Benefits and Changes
What immediate changes did you experience in the business following the acquisition?
Immediately after joining the Phenna Group, we experienced a noticeable uplift in confidence, both within our team and in how we were perceived externally. The structure and support provided by the group enabled us to assess our performance more effectively, with regular mentoring meetings offering valuable insights and guidance that helped drive continuous improvement.
How has the acquisition by the Phenna Group affected your company’s market position or competitiveness?
It’s strengthened it considerably. The association with a group of high-quality businesses added credibility to our brand, especially with larger customers. We've secured contracts we wouldn’t have had access to previously and have expanded into new sectors on the back of the group’s collective strength.
What specific resources or support from the Phenna Group have been most beneficial to your company?
The ability to tap into centralised resources such as legal and HR has been fantastic. Gaynor Lloyd, HR Director and her team have provided invaluable support and mentoring for many members of our team. We also continue to benefit from collaboration across the group with like-minded MDs, which has led to shared learnings and even cross-selling opportunities.
Have there been any operational improvements since joining the group? Can you share examples?
Absolutely. With the guidance and investment from the group, we’ve significantly enhanced our financial reporting capabilities. Our governance structure has also evolved, bringing greater clarity and discipline, without unnecessary bureaucracy. In addition, we’ve been actively encouraged to invest in employee culture and behaviours, which has led to a more engaged, motivated, and positive workforce.
In what ways has being part of the Phenna Group allowed your business to expand or enter new markets?
We’ve entered adjacent markets and taken on larger, more complex contracts thanks to the strength and scale of the group. The shared brand credibility and network have opened doors that were previously shut to us as an independent.
Can you describe any new opportunities for innovation or growth that have arisen as a result of the acquisition?
We’ve had the financial security and mentoring to explore new service lines that we simply wouldn’t have had the budget or risk appetite for previously. This includes technology-led solutions in our Laboratory, new testing capabilities, and potential bolt-on acquisitions that we’re now actively exploring.
How has your company’s access to technology, expertise, or training improved since becoming part of the group?
Significantly. Phenna has invested in group-wide systems and initiatives that we now benefit from. We've improved our training offer and upskilled staff. At Director level, there’s also a sense of shared learning across the group, which makes us smarter as a whole.
Success and Future Outlook
What success stories or milestones has your company achieved since becoming part of the Phenna Group?
We’ve achieved record growth in both revenue and EBITDA since 2020. We’ve expanded our team and strengthened our customer base. Most importantly, staff engagement and retention have never been better.
How has your company’s financial performance been affected by the acquisition?
Financially, we’ve gone from strength to strength. The support from Phenna gave us the confidence and capability to invest in growth. Our margins have improved, our cost base is leaner, and our revenue is up significantly since the acquisition.
Can you share any client feedback or testimonials about your company's progress since the acquisition?
Clients have commented on the increased capability, responsiveness, and professionalism we now offer. 5 years after becoming involved with Phenna, we continue to regularly break records in booking numbers and testing outputs. Many customers have said they’ve seen a clear step up in our service and infrastructure, without losing the personal touch that made them choose us in the first place.
What are your future plans for the company, and how does being part of the Phenna Group support these goals?
Our plan is continued growth, organically and through strategic acquisitions. We’re also investing in a new premises, new equipment a digital transformation and sustainability. Phenna supports these goals not just financially, but by providing the strategic oversight and shared experience that help us make smarter, faster decisions.
Looking back, how do you feel about the acquisition decision, and what would you say to other businesses considering joining the Phenna Group?
Looking back, I can say with complete confidence that it was the right decision at the right time. We’ve retained our independence, accelerated our growth, and further strengthened our culture. To any business considering a similar move: if you're ambitious, values-led, and prepared to work hard for the results you want, Phenna will be a committed and supportive partner every step of the way. I’m incredibly proud to have been part of Code A Weld for over 20 years, and equally proud to have contributed to the Phenna Group journey since 2020.
Adam Gould
Managing Director
Code A Weld's journey is a prime example of what Phenna Group is all about, supporting ambitious, high-quality businesses to scale sustainably, without sacrificing their culture or independence. Since joining the group, their continued momentum across growth, capability, and staff engagement is a testament to their leadership and the power of aligned partnerships.
Adam's reflections reaffirm our belief that the right acquisition isn't just about numbers. It's about people, purpose, and potential. For businesses exploring their next chapter, Code A Weld's success story offers reassurance and inspiration. We're proud to count them among the Phenna Group, and we look forward to supporting their continued success in the years ahead.