New management at Mersey metals firm

HAYDOCK-based engineering firm HQC has been sold to a management buy-out team.

The deal, for an undisclosed sum, will see an exit both for former MD Keith Parks and the Merseyside Special Investment Fund.

HQC will now be led by a management team featuring new managing director Eoghan McTiernan and operations director Peter O’Neale. They have received equity financing from APW manufacturing and Greenfold Partners, as well as some debt financing from Lloyds TSB Corporate.

HQC provides metal enclosure and assembly services to telecoms and data networking companies both in Europe and North America. The company began trading in 1986 and currently employs around 60 people. It has a turnover of almost £4m.

McTiernan said: “HQC has come through the downturn relatively unscathed and is in an excellent position to expand its services globally. 

“With the help of our new investors, HQC will become a truly international service provider that both its customers and staff can be even more proud of”.

CLB Coopers and Stripes Solicitors advised the new management team on the deal, while the bank was advised by Bermans. The new equity investors were advised by Semple Fraser.