MBO at Derbyshire rubber firm
A Derbyshire wholesaler of rubber membrane and associated products has undergone a management buyout (MBO)
Permaroof (UK), which is based in Alfreton, is one of a small number of approved distributors of the Firestone Rubber product used to cover and protect flat roofs which provides an alternative to traditional felt materials.
Managing director Adrian Buttress, has secured funding from Barclays to purchase shares from majority stakeholder Adin Parkins who is set to retire.
Buttress said: “With Adin looking to retire, it was the natural move for me to buy additional shares in the company and thus becoming the majority shareholder. We have grown the business to a multi-million pound turnover company and I have plans to expand this further.”
Ian Evans, relationship director at Barclays said: “With over seventeen years’ experience in the industry, Adrian and Adin have grown the business to become one of the largest EPDM distributors in the UK. I am delighted we have been able to support Adrian with his ambitions for the future of the business.”