Professionals: Leeds advisors work on MBO; Law firm teams up with CLA at Great Yorkshire Show to help rural businesses; and more

THE Leeds team at Allied Irish Bank (GB) have provided an undisclosed funding package to support a management buyout at Wigan-based Horizontal Boring Services (HBS).

The deal provides continued security for the firm that employs 41 staff, led by senior managers Barry Beesley, Alan Rushton and Phil Blackledge.

HBS is a privately owned engineering company and has been established for over 30 years.

The new HBS management team led by Barry Beesley, Phil Blackledge and Alan Rushton have worked for HBS for many years.

Allied Irish Bank (GB), represented by Mark Billington and Matthew Fannon, provided a funding package to support the deal and worked alongside a team of Leeds-based advisors including Phil Bailey and Robert Wilkinson from Armstrong Watson who were lead advisors to the management team, Martin Sweeney and Chris Blantern from Schofield Sweeney who provided legal advice to the management team and Dan McCormack from Lupton Fawcett Denison Till who provided legal advice to AIB.

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LANGLEYS Solicitors has partnered with the CLA, the membership organisation for owners of land, property and businesses in rural England and Wales, at this week’s Great Yorkshire Show.

The law firm is jointly hosting a drinks reception in the CLA enclosure at the Harrogate showground today.

Langleys’ chairman and agriculture partner Andrew Fearn will give an insight into some of the key legal challenges facing rural businesses.
 
He said: “The industry will be concerned about the transition between the Basic Payment Scheme under the EU’s Common Agricultural Policy and a new UK-based scheme coupled with the ability of Defra to deliver it.

“Another key area for the rural industry is generational succession in difficult economic times.”

The event will also see the CLA’s president, Ross Murray, launch the association’s Rural Business 2030 Campaign which will include showcasing some of the region’s most successful and innovative businesses.

Rural Business 2030 is a year-long initiative culminating in the inaugural Rural Business Conference in Westminster on December 6. The programme will bring businesses and policy makers together to discuss practical ways to achieve the vision of a robust, productive and sustainable rural economy by 2030.

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SENTIO PARTNERS, the corporate finance firm in Leeds, has overseen a deal which saw Manchester- based Vacuum Engineering Services  acquired by Indutrade, a Sweden-based industrial investment group listed on the Stockholm Stock Exchange.

Vacuum Engineering is a leading manufacturer of helium leak detection equipment with a number of high profile customers in the automotive sector, together with customers in other sectors including air conditioning, fire safety and gas measurement technology.

Founded in 1994 following the buy-out of Leybold’s UK production department, Vacuum Engineering has grown consistently to turnover of £9m and 45 employees. Exports account for over 60% of revenues, and machines manufactured at its Manchester facility have been installed in over 20 countries worldwide.  The business has local service and support presence in the US, Mexico and Czech Republic.

The Indutrade group consists of over 200 companies in 27 countries with a focus on industrial technology companies.

The deal will see the existing management team continue to run the business.

A team of advisers from Sentio Partners, Lupton Fawcett and CLB Coopers advised the shareholders of Vacuum Engineering.

Andrew Barlow and Will Arnold of Sentio acted as lead advisers to the shareholders.

Mr Barlow said: “The deal is a fitting reward for the shareholders for their years of dedication to growing the business. Indutrade are the perfect partner for the business going forward and an example of a strategic acquirer that shares the values of the founding shareholders.”

Colin Abrahams from CLB Coopers provided tax advice to the vendor.
Indutrade was advised by a team at Nabarro comprising Iain Newman, Gordon Anton and Ross Hockley.