Mon, 07 Nov 2016 | MBO/MBI
A Bradford-based manufacturer of control panel systems, which counts Siemens and Unilever among its partner base, has been acquired in a management buyout (MBO).
Southern & Redfern Industrial Solutions Ltd was bought by its managing director Malcolm Knapton after securing finance from Lloyds Bank.
Southern & Redfern, which has a turnover of £3 million and employs 25 people, designs, makes and installs electro-mechanical power and control systems and was founded in 1922.
As a result of the MBO the firm plans to offer a 24-hour service, develop its partnerships with blue-chip clients and recruit two new apprentices.
To complete the MBO Southern & Redfern secured an invoice finance facility worth £400,000 from Lloyds Bank Commercial Finance.
Malcolm Knapton, who joined the company in 1997 and became its managing director in 2010, said: “Following the management buyout, and the funding from Lloyds Bank, we are in a better position to take advantage of our growth potential.
“Over the next year we will look to develop the service we offer to our clients as well as grow our team by hiring at least two apprentices from the Bradford area.”
As part of the MBO Southern & Redfern’s management team - John Hoather, Jonathan Douglas, Steve Mitchell and Phil Leeman - have also bought shares in the business.
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