Pyrotect owner steps down after share restructure
The owner of Pyrotect, an Ashby- based business that operates in the construction industry supply chain, has sold his majority shareholding in the company and stepped back to a non-executive role.
David Harris has sold the shares to Chris Goodison, managing director, and other shareholders Russell Morgan and Melanie Young.
Pyrotect employs 115 people at its Ashby base.
Goodison said: “This restructuring allowed David to take a step back, as he had planned for a while now, and will enable the fully incentivised team of owner managers to drive the business forward.
“We will, of course, continue to value David’s input from a more strategic perspective.”
“We believe that we have a market leading proposition and see a fantastic opportunity to continue the development of the business in a UK market that is only now fully recognising the need to deploy specialist providers in this safety critical area.”
Partners Tony Dunn and Faisal Arif, from Elysium, advised on the restructuring. Dunn said: “The business has experienced strong growth and this has facilitated a transaction that works for every party involved.
“I can only see the business going from strength to strength as David Harris is now able to deliver a proper strategic perspective and Chris Goodison, along with Russell Morgan and Melanie Young, has got his hands firmly on the tiller.
“We are delighted to have helped deliver this restructuring for all of the parties and enjoyed the experience of working with such attentive and sensible clients.”
Funding for the transaction was provided by Steve O’Donnell, senior relationship manager at Allied Irish Bank (GB). He said: “This was an easy transaction for us to support – the business was well positioned, with a strong regulatory driver, in a market that we know well.
“A combination of a well-presented business plan and strategy coupled with a strong and complete management team gave us great confidence that this business will continue to prosper post transaction and will be an excellent client for ourselves.”
Legal advice was provided by Hitesh Punjani, a partner in Lichfield-based Keelys, and tax input was from Doug Perry, a partner at Clayton & Brewill in Nottingham.
