Managers buy B&P Engineering
Page 8
If you've noticed an error in this article please click here to report it so we can fix it.
• The Transport Developmen
Group has sold its industrial removal and installation subsidiary, Beck & Pollitzer Engineering, in a management buy out for £10.1m.
The deal, which was financed with funds raised by venture capitalist Schroder Ventures and Midland Bank was finally given the go-ahead last Thursday (21 April).
Beck & Pollitzer Engineering sold for £10.1m.
It gives the eight-strong management buyout team, headed by former managing director Michael Stone, control of 30 heavy trucks, 70 trailers and more than 320 staff at five locations. Stone is now chief executive of the Dartford-based company and Eric Walters, a partner of Schroder Ventures, has joined as chairman. The directors have no plans to make any redundancies or close any depots at the company which made £2.7m profit on a 226.4m turnover last year.