Tamworth firm set for 20% annual growth after buying premises
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Tamworth-based business Enviro-Strip (GB) has taken ownership of the premises it previously leased and says the move will mean it can grow by 20% a year.
Enviro-Strip is a market leader in environmentally safe paint stripping for the automotive, manufacturing and process industries. The family-owned business, which partners with the vast majority of the UK’s car manufacturers, is owned by brothers Craig and Matthew Duncan.
Enviro-Strip had previously leased its four units on Hedging Lane Industrial Estate, Wilnecote, and was offered the chance to acquire them in October 2020.
Azets’ specialist Banking & Finance team supported Enviro-Strip to structure its finances in order to acquire the premises, with the deal completing in July 2021.
Craig Duncan, managing director with Enviro-Strip, said: “This was a significant opportunity for us to secure the long-term future of our family business and set new, ambitious goals. We didn’t believe a deal could be done – but Azets’ specialist expertise and deep understanding of our business meant we were able to get the required funding and complete the deal. We’re now on a solid footing and our aim is to achieve 20 per cent growth, which would not have been possible without this acquisition and the advice from Azets.”
Mark Huddlestone, funding & strategic partnership director with Azets, said: “Adding this property to its balance sheet is of huge benefit to Enviro-Strip going forward and will enable them to accelerate growth plans. I am delighted to have supported Craig and Matthew, and it’s always particularly satisfying to complete on a tough deal, surpassing the expectations of our clients and helping them to drive their business forward.”