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Taylors has advised on the management buy-out of steel stockholder and manufacturer, Hi Tech Steel Services Limited, from administrators.
Hi-Tech Steel Services, based in St Helens and Newton Aycliffe in County Durham, has a strong customer base comprising UK and European-based companies which trade across a diverse range of sectors, including JCB, Caterpillar, IBM, Motorola, BT and Hewlett Packard.
David Thornhill, Partner at restructuring and recovery firm, FRP Advisory, was appointed as the administrator in October after the firm suffered cashflow problems following the postponement of a large construction project and consequent delay in payment from a major customer.
Andrew Livesey, Head of Insolvency at Taylors, was assisted by Stephen Jarman, Taylors' Corporate Partner and Colette Johnson, its Head of Commercial Property, in completing the transaction on behalf of the company's management team.
More than 30 jobs at the company have been saved following the MBO.
Andrew Livesey, Partner at Taylors, commented, "We are delighted to have been able to assist the management team in restructuring the business through what was a complex deal to complete. We look forward to working with them in the future as they look to build a strong and successful business".
Ian Gorman, leader of the MBO at the company, stated, "Taylors was recommended to us and we were impressed with the performance right throughout the team, covering all aspects of the transaction, including advice on the sale & purchase, property and corporate issues".
Funding for the transaction was provided by Close Invoice Finance, Close Asset Finance and BCH Developments. The vendor was advised by Squire Sanders. |
MBO for Hi Tech Steel Services Limited