£900K MBO at safety control switch specialist
A West Lancashire-headquartered manufacturer which employs 15 members of staff has undergone a management buyout, creating new jobs.
Mabruk Farrah has purchased the assets of Skelmersdale company Mechan Controls from the Mandicom PLC Group.
Funding totalling £900,000 to support the deal was provided by NatWest through a combination of term loans and RBS Invoice Finance.
Farrah is now the sole shareholder of Mechan Controls as well as a minority shareholder of the Mandicom PLC Group.
Around four new jobs will be created at the manufacturing base at Seddon Place, Skelmersdale, as a result of the buyout.
Founded in 1971, Mechan Controls provides safety control switches which are used by global organisations during their manufacturing processes.
Farrah said: “I have been a technical director at Mechan Controls for almost two decades and witnessed it grow from a small-scale supplier to the global leader in machine safety switches it is today.
“Taking ownership of the business is a milestone for me and I am looking forward to continuing our growth and strengthening our position in the industry. It was important to me to work with a bank that took the time to understand the business and NatWest has really done that.”
NatWest relationship manager Alistair Ig, said: “Mr Farrah has a real passion for what he does which shows in his long-term employment at Mechan Controls. Now he has a chance to take the lead and drive forward its growth and success.”