Asbestos firm bought by managers

A MANCHESTER asbestos removal and thermal insulation business has been acquired by its management team.

Darren Hartley and Danny Heap have bought Insul-eight for an undisclosed sum from Rufus Dunne, a business angel who backed the company when it was established in 2004.

The £3m turnover firm, based in Ashton-under-Lyne, operates nationally and provides services to the industrial, commercial and healthcare sectors.

Mr Hartley said: “We are incredibly thankful for the support and encouragement that Rufus has shown us over the years, and we’re now looking forward to ensuring we continue to drive the business forward.”

The buyers were advised by the corporate finance team at Lancashire accountants Moore and Smalley. Legal advice was provided by Napthens, while the Royal Bank of Scotland funded the deal.

Stephen Gregson, corporate finance director at Moore and Smalley, said: “The company has grown rapidly since its establishment by Darren, Danny and Rufus. The MBO provides Rufus with an exit from the company and also allows Darren and Danny to take the business to the next stage of its development.”