Management take over at Durham manufacturer

Wed, 28 Mar 2018 | MBO/MBI

The management team at an industrial manufacturing firm based in County Durham have successfully acquired the business through a buyout supported by a consortium of finance providers.

The management buyout (MBO) at North East Sheets and Panels (NESP) was taken on by Richard and Lisa Williams thanks to the availability of £600,000 of funds. Of this, £200,000 was supplied by UK Steel Enterprise, the Tata Steel-run business support group, while £400,000 came from Independent Growth Finance (IGF), an alternative funder that helps SMEs grow.

UK Steel Enterprise’s business development manager, Peter Taylor, said that the investment made sense as NESP was a “well-established manufacturing business at the heart of one of our steel areas”, as well as providing more than 30 jobs to the local area.

He added: “With a strong and experienced management team in place we are confident that NESP will continue to prosper."

NESP was founded in 1997 in Derwentside, where it has made and supplied made-to-measure doors, panels, cabinets and worktops to a large clientbase in the fitted kitchen, bathroom and bedroom sector. Most of its business is focused in the North East, Scotland and Yorkshire.

New managing director Richard Williams has been at NESP since 2009. He and his partner were advised by Harlands Accountants and Swinburne Maddison, a corporate law specialist.

Williams said he was “delighted” to have secured the necessary funding and to complete the MBO.

He added: “We expect our workforce to grow in double figures over the next two to three years. We have already taken on two additional people and we are fortunate to have a high quality and skilled workforce available on our doorstep.”


Share this article



Latest Businesses for Sale

Luxury Kennels & Cattery
Yorkshire and the Humber, UK

Luxury kennels and cattery with professional grooming parlour (licensed for 142 dogs and 26 cats) in Peterborough for Sale. An opportunity to acquire this luxury kennels and cattery with stunning spacious four bedroom detached residence which must be...

Asking Price: £1,500,000
Turnover: £522,542

LEASEHOLD


Haulage Business
South Wales, Wales, UK

The business has been established for a number of years and has been owned and operated by the founder since that date. Offers invited.

Asking Price: £850,000
Turnover: £2,595,443

FREEHOLD


Bar & Function Room
Ilkley, Yorkshire and the Humber, UK

Situated in the heart of Ilkley town centre just off the busy Brook Street. The yard is a stylish bar offering a wide range of drinks, good, quality food, music with varied DJ’s and live artists all encompassed in an interesting layout. Offers invite...

Asking Price: £775,000
Turnover: £600,000

FREEHOLD



View more businesses for sale

News Search

Latest News

 
22
 
Mar
 

Scunthorpe nightclub up for sale | BUSINESS SALE

A former nightclub based in Scunthorpe has been put up for s...

 
21
 
Mar
 

Kent Logistics provider completes a successful acquisition | BUSINESS SALE

A Kent-based personalised logistics provider, backed by Livi...

 
20
 
Mar
 

Warrington construction company enters administration | ADMINISTRATION

A prominent construction business headquartered in Orford Gr...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources