Wed, 07 Feb 2018 | MBO/MBI
A management buy-out (MBO) at Birmingham-headquartered manufacturer Tesla UK could see the company launch to new heights, its new management team has suggested.
A management team led by Trish Quinn, managing director, successfully made a deal to take over the company, which manufacturers and supplies components for the heating and plumbing industries and is based in Sutton Coldfield.
Tesla works largely with national and independent traders in the UK as well as overseas clients, generating more than £10 million in turnover annually. It was founded in 2009 by John Hardcastle, an entrepreneur.
Its leading products include brass fittings, gas pipes and fire valves, though Tesla’s website says it has “specialist knowledge” of domestic cooker hoses and immersion heaters.
Quinn and her fellow managers were advised on legal matters by Higgs & Sons, helped through financial hurdles by fellow Birmingham firm Springboard Corporate Finance and was supported with funding by Barclays to acquire a “significant majority stake” in the firm.
The firm’s founder Hardcastle said that Springboard advised him that a vendor-assisted deal was “the best way of realising value” while protecting Tesla’s unique culture.
He added: “I am delighted to be handing over the reins to such an experienced team, headed by Trish, who I’m sure will deliver further growth and success in the future."
Quinn, meanwhile, said that she and her team took advantage of a “great opportunity” to advance the company.
She added: “We look forward to continuing to develop innovative products and to maintaining and growing our customer and supplier relationships."
Tesla’s shareholders were also advised by Springboard Corporate Finance who also assisted in the fundraising process, while they sought legal advice from Blackhams Solicitors.
A leading engineering firm focusing on electric power steering solutions and bespoke wiring harnesses serving various industries. It operates as two entities both reputable for maintaining high standards and offering bespoke solutions for clients. In...
Market-leading fruit and vegetable supplier distributing fresh produce and complementary goods both wholesale and D2C. The companys uncompromising drive for customer satisfaction has built strong relationships with across an enviable client base incl...
Turnkey construction services provider completing a range of projects with expertise across maintenance general refurbishment new build and conservation including work on listed buildings. The company provides full-service construction works utilisin...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.