Investors swoop for Whitham Mills Engineering
A SYNDICATE of investors has bought a Todmorden manufacturer that specialises in the waste recycling industry.
Whitham Mills Engineering has been sold by the Whitham family to a group led by Ben Smart who is now the firm’s managing director.
Manchester-based corporate finance house Acceleris raised acquisition and working capital funding under the Enterprise Investment Scheme (EIS). The value of the deal was not disclosed.
Whitham Mills specialises in the design and manufacture of waste handling, recovery and baling systems. The new management plans to increase sales by moving into new markets.
Mr Smart said: “As landfill capacity disappears and legislative requirements on companies and local authorities to recover more re-useable waste increase, the value of the waste management market increases.
“Growth in the value of the waste management market, coupled with increasing waste volumes recovered, is indicative of growth in demand for waste recovery and baling infrastructure.”
Norman Molyneux, chief executive of Acceleris, said: “We are delighted to have funded the buyout of WME. The business is cash-generative and has a full order book and healthy enquiries. New management has an exciting plan to deliver substantial growth over the next three to five years.”
