Tue, 22 Feb 2011 | MBO/MBI
A 144-year-old Yorkshire engineering company has undergone a multimillion-pound management buy-out, backed by Yorkshire Bank.
Bradford-based Mansfield Pollard, which specialises in the development of ventilation solutions, remains partially in the hands of a member of the founding Pollard family, however. Former joint managing director, Alan Pollard, has teamed with production director Bob Hill, finance director Joanna Robinson and technical and sales director Martin Brown, to take ownership of the company, having previously been owned by Alan and his fellow joint managing director brother, Barry.
The MBO saw the team buy Barry's shares in the successful company, following his decision to retire after 42 years.
The company was first founded in 1866 to provided the engineering and facilities needed to sustain West Yorkshire's booming textile industry. It employs 145 staff and has an annual turnover of £12 million.
Joanna Robinson said they were grateful for the confidence that Yorkshire Bank has put into the business, and outlined plans to expand the company's areas of expertise, including launching a range of packaged AHU heat pumps later this year.
"We're pleased that Yorkshire Bank has recognised Mansfield Pollard as a good quality enterprise in which to invest and to have gained backing at a time when many banks are not lending," she said.
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