MBO completed at rail vehicle manufacturer
A designer and manufacturer of road-rail vehicles has undergone and MBO (Image credit: Pixabay)
A management buyout has been completed at a designer and manufacturer of road-rail vehicles. Debrett's, Azets, Nelsons Solicitors and Legal Clarity advised on the deal, with funding provided by Barclays.
Allan J Hargreaves was established in 1983 by Allan Hargreaves. The business, which is based in Thornton-Cleveleys near Blackpool, now employs about 70 staff and specialises in the design and manufacture of road-rail vehicles to facilitate engineering and construction works along or around rail networks.
Allan Hargreaves stepped back from the majority of the day-to-day aspects of running the business a few years ago, with managing director responsibilities being taken on by his son, Paul Hargreaves. Now, as part of the management buy-out structured and project-managed by Debrett's and Azets, Allan and wife, Ros, will step back fully as they look to enjoy retirement.
Paul Hargreaves said: "Completing a management buy-out of our family business feels like an entirely natural next-step in the continued development of the Allan J Hargreaves group. I am extremely pleased that the transaction will enable my parents, Allan and Ros, to now be able to enjoy the fruits of their labours in retirement, safe in the knowledge that the business will continue under family ownership for the foreseeable future.
"I would like to take this opportunity to thank Debrett's and all of the other professional advisers involved in helping structure and deliver the transaction."
Mark Selby, director at Debrett's, added: "The Allan Hargreaves business is a wonderful example of great British engineering, providing high quality products to blue chip customers in support of UK infrastructure. It has been a pleasure working with Allan, Ros and Paul to ensure the continued independence of a family-owned business that can trace its roots back 40 years. I have no doubt that under Paul's ongoing leadership the business will continue to go from strength to strength.
"All of us at Debrett's wish Paul and his colleagues in the business all the very best for the future. We congratulate Allan and Ros on the sale of their shares and wish them a long and happy retirement."
Corporate Finance advice to the shareholders and the company was provided by Mark Selby, Tom Eastwood and Harveer Gill of Debrett's Private Finance Ltd.
Funding for the transaction was provided by Barclays, arranged by Allan Blackburn, business relationship director.
Legal advice to the management team was provided by David Kaplan and Liz Mills of Nelsons Solicitors Ltd.
Legal advice to the sellers was provided by Richard Underwood and Martin Clifford of Legal Clarity Ltd.
Tax advice on the transaction was provided by Ray Abercromby and Sarah Sullivan of Azets.
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