A Wakefield metal fabrication business has been bought by its management team in a deal funded by Finance For Enterprise (FFE).<\/p>\n
Thornes Fabrication, which was founded in 1989, secured \u00a3250k to fund the MBO which will see Ben Crossland, the nephew of the current owner takeover at the helm.<\/p>\n
The company will continue to trade under the existing name. The retiring directors Dean Crossland, Andrew Stubbs and Jayne Crossland will stay on temporarily as consultants to ensure a smooth transition<\/p>\n
The 36-year-old business designs, manufactures and installs high quality sheet metal products and fabricated structures, offering a range of engineering goods and services to the textile, construction and industrial industries as well as the public.<\/p>\n
Dean Crossland said: \u201cAndrew, Jayne and I wanted to retire, and we\u2019re delighted that Ben showed interest in buying the company. He started with us as an apprentice 14 years ago, so he knows the business inside out and has lots of energy and ideas, so I know its future is in safe hands.\u201d<\/p>\n
The buy-out also means that five employees will retain their employment contracts and Ben has ambitions to increase the customer base and create more local jobs .<\/p>\n
Ben added: \u201cI\u2019m planning a very smooth transition to allow existing customers to get to know me better and ensure we maintain our ability to meet project briefs and respond quickly. Then, we will step up our marketing to secure new contracts from previously untapped sources and gradually build the team to meet the increased demand.\u201d<\/p>\n
Jeremy Meadowcroft, business lending manager at Finance For Enterprise added: \u201cThe business has an established reputation, with some high profile repeat clients. I am delighted that FFE has been able to provide the funds to allow a successful manufacturing business to transition into ownership by the second generation of the family.\u201d<\/p>\n
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Thornes Fabrication has secured \u00a3250k from Finance For Enterprise (FFE) to fund the management buyout<\/p>\n","protected":false},"author":271992,"featured_media":2141094,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"coauthors":[137100],"class_list":["post-2141093","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","tag-featured-story","tag-yorkshire"],"yoast_head":"\n