Aztec MBO is ‘end of an era’ for Neal Maxwell

A management buy-out of Liverpool fit-out firm Aztec will see the departure of founder and chairman Neal Maxwell who will now focus on his not-for-profit environmental venture. Tony McDonough reports

From left, Paul Ashmore, Iain Peacock  and Tony Pyper, management at Aztec


One of Liverpool’s best known commercial fit-out specialists Aztec has been acquired by its management team.

The management buyout (MBO) sees the departure of founder and chairman Neal Maxwell. He is now committed to Changing Streams, a not-for-profit venture established in 2018 with the aim of reducing the use of plastic in the construction sector.

As part of the MBO, current managing director, Iain Peacock will retain a stake in the business with two new members of the senior management team – Tony Pyper and Paul Ashmore – becoming equity partners. Tony is contracts director and Paul, associate pre-contracts.

Aztec, founded in 1988, has traded for 33 years and has become one of the significant players in the North West fit-out market and, since 2012, the construction market. Aztec’s in-house skill-sets include all aspects of construction, commercial fit out and M&E serving both public and private sectors.

Ian Peacock said: “Aztec is a successful formula and I see the Tony and Paul’s invitation to the board and to ownership as the foundation of a renaissance for Aztec. I’m keen to use my technical knowledge and business experience to support the new board and continue our upward trajectory.”

Aztec was supported by Liverpool law firm MSB Solicitors and accountancy firm Haines Watts in the transaction. Neil Maxwell added: “It’s the end of an era for me but also the beginning of a new one and I wish the Aztec team all the best for the future.

“It’s a new chapter for me which I’m really looking forward to spending 100% of my time with Changing Streams CIC to reduce the use and reliance of plastics in the construction industry in the UK.”

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