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.”
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