Management buyout completed at steel supplier
Midlands ' firms Edwards Chartered Accountants and George Green LLP have directed the successful management buyout of Steelstrip Services Ltd (t/a Servosteel).
They advised the senior leadership team of on the transaction, for which financing was provided by HSBC Bank UK.
The team made up of commercial director Steven Dickens, operations director Darryl Macready, finance and HR director Sarah Ostins and IT and systems director Richard Burton will take full control, with its former owners Mark Anderson and Phillip Guest stepping aside following a successful eight-year tenure that saw the firm return to independent ownership.
The MBO team has nearly 60 years of combined history working for Servosteel and possess a wealth of experience and knowledge within the steel industry and in steel processing.
Steven Dickens said: “We are confident we can lead the business into a new and even more successful era through further growth and diversification.
“Our advisers, Edwards Chartered Accountants and George Green LLP supported us through every step of the MBO - and as a team we knew we were in safe hands. They worked tirelessly to deliver on a tight timescale. ”
Steven Holden, head of tax at Walsall-based Edwards Chartered Accountants, added: “Working with existing management teams to ensure a smooth transition of business is always rewarding, and the team at Servosteel were no exception to that rule.
“We certainly look forward to watching the team 's successes as they take the business forward into a new era of ownership. ”
Sarah Ward, head of corporate and commercial at George Green LLP, who advised the MBO team, said: “We were delighted to act for a management team which combines a long and illustrious history with Servosteel and the steel industry but with an energy and drive to take the business forward, looking to embrace new challenges, whilst capitalising on its existing relationships and market positioning. ”
Gary Riley, HSBC UK relationship director for West Midlands, added: “HSBC UK is committed to helping businesses realise their ambitions.
“We were delighted to be able to assist this next generation of the management team in fulfilling their funding requirements and look forward to working with them as they take Servosteel into its next business chapter. ”
Pictured: Darryl Macready, operations director, Servosteel, Steve Holden, director, Edwards, Sarah Ostins, finance director, Servosteel, Tim Lang, partner, George Green LLP, Steven Dickens, commercial director, Servosteel, Paul Tonks, director, Edwards, Richard Burton, IT/systems director, Servosteel, Sarah Ward, partner, George Green LLP, Gary Riley, director, HSBC