New team at the helm of East Lancashire engineering firm

East Lancashire engineering firm Tufting Machinery Services has undergone a management buyout

The corporate finance team at PM+M – the Blackburn headquartered chartered accountancy, business advisory and wealth management group – has acted for the MBO team which has acquired the Accrington company.

The value of the deal has not been disclosed.

The deal sees Chris McGonagle and John Heap buy the business from directors Eugene Regan and Paul Grant who are retiring.

Both Regan and Grant will continue to be involved in the business for an agreed handover period.

PM+M provided corporate finance advice, deal support and fundraising services; Farleys Solicitors provided legal advice; NatWest Bank plc funded the deal and Forbes provided legal advice to the bank.

McGonagle said: “Both myself and John are incredibly proud to take the reins of Tufting Machinery Services. Our focus is now on building on Eugene and Paul’s hard work to ensure the business has a secure and prosperous future.”

Tim Mills, corporate finance partner at PM+M, added: “This is a fantastic opportunity for Chris and John and allows a well-established and much respected Lancashire business to flourish.”

Charlotte Mills – associate partner at Farleys – said: “It’s been a privilege to help Chris and John achieve their goal of taking ownership of a company with a clear plan for further business growth, and we wish them every success for the future.”