Managers buy out LC Automation
BLACKBURN-based LC Automation has been acquired by its management.
The business, which turned over £6.8m in 2009, is a distributor of industrial products, such as automation, control and safety equipment.
A management team of Malcolm Chadwick, Peter Stott, Phil Dowell and Paul Catharall bought the company with backing from NatWest.
Mr Chadwick, now managing director, was already a director alongside former owner Ken Davies who has retired. He also held a small number of shares with two other shareholders Raymond Newton and D Musgrave, according to documents at Companies House.
Peter Stott joined LC Automation 24 years ago as a trainee sales engineer while Phil Dowell joined in 1996 as company secretary, and is now financial director. Operations director Paul Catherall was a Youth Training Scheme trainee when he was first appointed 23 years ago.
Mr Chadwick said: “The buyout ensures the company remains in the hands of the people who know it best, and allows us to continue to expand and diversify the business.
“A strong industrial base is essential for the country’s economy, and LC Automation can be at the heart of cutting-edge technology, creating a new golden age for manufacturing in Lancashire and beyond.”
The firm helps clients to modernise and tailor their manufacturing processes with the latest technology. According to the company sales rose 25% last year. Accountancy firm Pierce and Forbes Solicitors acted on the deal.
