Motorsport and supercar parts provider completes MBO

A management buyout has been completed by Grainger and Worrall, transitioning control from the Grainger family who has been with the business since its formation 77 years ago.

The provider of casting, machining and engineering solutions for prototyping, motorsport and supercars has a global customer base includes several Formula One teams, Tesla, Lucid, Porsche, McLaren, Maserati, Bugatti and Aston Martin.

With more than 650 staff operating from one site in Bridgnorth, the completion of the MBO coincides with the formation of an umbrella brand, Evolution Castings Group.

The transaction has provided the business with an appropriate structure to make it possible to bring new funding into the business, with hopes of improving the company’s culture.

As part of the changes, the new management team have ensured a share of the value of the business will be made available to eligible employees.

The new board, led by executive chairman, Andrew Burn, and supported by new and existing members of the company’s management team will take the business forward and deliver the group’s future growth strategy.

Burn said: “Like many automotive suppliers, Grainger & Worrall has had its fair share of challenges over the last few years but this transaction marks an end to those difficulties. I am delighted and honoured to work with such a high quality team who are already embracing the enhanced, more inclusive and empowering culture.”

After falling into administration, the firms’ Engineering subsidiary was purchased by Leicester-based Bridge Aluminium, saving 36 jobs.

A pre-pack deal was secured by Teneo Restructuring.

Izzy Gardiner, human resources director said: “We expect to continue with our current business strategy and the plan that has been created for the MBO has identified a number of global opportunities and developments for us to explore in the near future.”

Edward Grainger, on behalf of the family said: “We are fully supportive of the MBO team and the exciting plans that are already in the process of being implemented. It is fantastic to see the spark in the business returning after several turbulent years and there is no doubt in our minds that the business will go from strength to strength.”