Funding secures MD’s buy-out of air conditioning and refrigeration manufacturer
A Sheffield-based air conditioning and refrigeration manufacturer has been bought-out by its managing director with the support of a £480,000 funding package from HSBC UK.
David Marshall, managing director of Bradley Refrigeration since 2017, previously had a 41% share in the business. He has now used funding from HSBC UK to purchase a further 49% share, completing his majority share.
The family company, established in 1957, installs and services refrigeration and air conditioning systems from its Abbeydale Road base in Sheffield. The business supplies commercial and industrial customers in the agriculture, retail and logistics sectors throughout the UK and Europe.
Last year, Bradley Refrigeration achieved a turnover of £2.1m, which is expected to rise to £2.3m in 2020 and £2.7m by 2022. The business currently employs 25 people and has plans to increase its headcount by two immediately.
David Marshall, managing director of Bradley Refrigeration, said: “The funding from HSBC UK has been crucial to supporting me in buying shares for the company that I have spent 28 years working for.
“This deal marks the start of a new chapter for Bradley Refrigeration and I’m excited to drive the business forward, with fresh contracts in new and existing markets, and by expanding our team.”
Emily Sutton-Ruseva, relationship manager South & East Yorkshire Business Banking, HSBC UK, added: “The team at Bradley Refrigeration has been helping organisations meet their commercial and industrial requirements for over 50 years.
“The management buyout will bring exciting new opportunities and we look forward to seeing how the company continues to provide a high quality of services to their customers across the UK and overseas.”
The deal was part of HSBC UK’s £1.05bn lending fund to support small and medium-sized enterprises (SMEs) in Yorkshire.
