Management buyout at Projen
A Cheshire project management firm has been bought by its managers in a multi-million pound deal.
The team at Projen was led by current managing director, John Taylor, who has become executive chairman and Martin Seabrook who has now taken on the role of managing director.
Tony Lea retains his role of operational director, David Elliott becomes business support services director and Marcus Royle takes over as finance director.
Long-standing directors John Poole and David Moss retain a smaller share in the company and become non executive directors following the sale.
In the year to Aril 2008, the Northwich-based business had a turnover of £21.7m with pre-tax profits of £1.3m. Projen employs around 110, half of which are sub-contractors.
Mr Taylor said: “I believe the management team and employees of Projen are second to none, proof of which is in our financial performance over the last six years and the number of business awards we have won.”
Funding for the deal was provided by the Co-operative Bank. Other advisers include Clearwater Corporate Finance, lawyers Aaron & Partners, Lockett Loveday McMahon and Hill Dickinson with BDO Stoy Hayward.
