Mon, 10 Feb 2014 | MBO/MBI
Engineering business Riverside Automation has been purchased in a management buy-out by its senior staff.
The management team – directors Jonathan Buck and Steve Moore, with senior engineers Paul Bird, Ian Shaw and Daniel Power - has taken over from retiring managing director Nick Totterdell, in a deal for an undisclosed amount.
Based in Sheffield, Riverside Automation Group has been providing its services since its inception in 1992, producing process control systems for engineering projects in numerous industries including water, steel, rail, utilities, renewable energy, materials handling and food and beverages. Riverside’s 25 staff operates the £2 million turnover business from its two Sheffield divisions.
Director Jonathan Buck is optimistic about the future of the business, he said: “Nick has left us with a full order book and a reputation for outstanding engineering and customer service.
“Our plans to drive forward the business include recruiting the best engineers, including talented graduates, to grow our team and rise to new technological challenges.”
In 2000 the business earned Investors in People status, and employed some graduate engineers to grow its staff to 25, from six permanent staff in 1995.
In more recent years its work projects have included providing the PLC control and computer supervisory system for a new electric arc furnace for Thamesteel in Kent in 2006.
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