Managers in £1m green deal

MANAGERS at a North West environmental consultancy have bought the company in a £1m deal.

The team was led by new managing director John Martin who was joined by Jim Waterworth, Chris Eccles and Alan Binns. Founder Nigel Robinson and fellow director Peter Thompson will remain at the company.

Newton-le-Willows-based TerraConsult specialises in waste management and the reclamation of contaminated land. Its customes include councils and government bodies, major waste management companies, contractors and developers.

Mr Martin said: “Under our new team, which will be supported by Nigel and Peter, we believe TerraConsult can continue to grow and that we will be able to further strengthen our position within the market.

“Our business has continued to prosper despite the difficult economic conditions and we believe we are well placed for the future.”

All four of the management buy-out team will remain as shareholders in a separate business – Geotest Laboratories – which operates a successful soil and materials laboratory at Adlington, near Chorley.

The deal was funded by HSBC and brokered by Bolton-based Nick Hulme Corporate Finance.

Mr Hulme said: “The biggest hurdle has been funding the deal in a banking market that has changed significantly in the last six months. But with the right approach, these hurdles were overcome.”