Fri, 18 Oct 2013 | MBO/MBI
Hi-Tech Steel Services has been rescued in a management buy-out deal, after entering administration in October.
The steel stockholder and manufacturer business was placed in the hands of David Thornhill and Geoff Rowley of FRP Advisory on 15th October. It had been hit by cash flow difficulties after a delay in a big construction project and delay in payment from a major client.
Ian Gorman has since led a management team in the purchase and rescue of the company, which operates in St Helens and Country Durham. The deal, which concluded with an undisclosed sum, has secured over 30 job positions.
Hi-Tech’s impressive UK and Europe-based customer base includes Hewlett Packard, BT, Motorola, IBM, JCB, and Caterpillar.
Close Invoice Finance, Close Asset Finance and BCH Developments provided funding for the MBO deal, while Squire Sanders acted as the seller’s adviser.
Andrew Livesey, head of insolvency at Taylors Solicitors – which advised the management on the deal - said: “We are delighted to have been able to assist the management team in restructuring the business through what was a complex deal to complete.
“We look forward to working with them in the future as the look to build a strong and successful business.”
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Related information:
HQC Sheet bought out of administration
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