New era at refrigeration firm after MBI

A LANCASHIRE company which makes energy-saving control equipment used for refrigeration and other sectors, has been sold to a management buy-in team.

Colne-based GB Controls, which has annual turnover of around £1m. has been bought by Cheshire entrepreneurs James Hibbert and Peter Wootten for an undisclosed sum.

The has been sold by the founders of the business, Alf Black and Jack Glasgow who set up GB Controls in the 1980s.

Mr Glasgow said: “We are extremely proud of the reputation we have built at GB Controls. The firm has grown steadily in recent years and we are very happy with the result of the sale.

“We have total confidence that the future of the business is in very safe hands.”

Accountancy firm Mitchell Charlesworth’s corporate finance arm, MC Vanguard, and law firm SAS Daniels advised on the deal.

Mr Wootten, an accountant from Wilmslow, said: “We are delighted to have completed the deal. GB Controls is renowned for its quality, service and technical excellence.

“The firm has a strong core client base due to this excellent reputation and a long-standing dedicated workforce. Our aim is to build on this using our knowledge and expertise with an expanded  network of contacts.”

Mr Hibbert, a chartered engineer from Romiley, said: “GB Controls prides itself on delivering high quality solutions with a quick turnaround. We believe the business has great potential for growth and employment by the strategic expansion of the firm’s expertise within existing and new target markets.” 

Accountancy firm Mitchell Charlesworth’s corporate finance arm, MC Vanguard, and law firm SAS Daniels advised on the deal.

Mitchell Charlesworth partner Bob Gore worked with Santander Corporate Bank to create a package to fund the deal.

He said: “This is a good business with significant opportunities for profitable growth and ideal for a management buy in. Both parties worked well together which was a significant factor in enabling us to put the deal in place.”

SAS Daniels Stockport based partner Lorna Bennett led the team which advised the MBI purchaser, GB Technology Limited, on the corporate, real estate and employment aspects of the deal.