MBO sees Wigan firm Horizontal Boring Services change hands

Engineering firm Horizontal Boring Services Ltd (HBS Ltd) has changed hands after undergoing a management buyout.

Allied Irish Bank’s Leeds-based team provided the management team at HBS with an undisclosed sum to complete the deal, offering continued security for the company and its 41 employees.

Led now by senior managers Phil Blackledge, Barry Beesley and Alan Rushton, Wigan-based HBS was founded over 30 years ago and offers a sub-contract manufacturing facility along with welding and other engineering services.

Barry Beesley has worked at HBS for 30 years and, in his most recent role, served as the firm’s works manager. Alan Rushton, a senior welding engineer, has worked at HBS Ltd for more than 15 years. Phil Blackledge, meanwhile, is a mechanical engineer and has been at the company for the last eight years.

Phil Blackledge said: “This is a very exciting time for us as we take control of a business we all know very well.

“We are focused on growing HBS and plan to modernise and develop the business to match the long term needs of our customers.”

He continued: “We are also keen to expand our customer base and this deal allows us to drive improvement and secure new work. We have been very pleased with the support provided by Allied Irish Bank (GB) and the team of advisers who have worked closely with us to secure ownership of the business.”

During the transaction, Allied Irish Bank was represented by Matthew Fannon and Mark Billington. A team of advisors in Leeds that included Robert Wilkinson and Phil Bailey of financial advisory firm Armstrong Watson assisted the HBS management team, which also received legal advice from Chris Blantern and Martin Sweeney from Schofield Sweeney.

Dan McCormack, of Yorkshire law firm Lupton Fawcett Dennison Till, provided legal advice to Allied Irish Bank.

Allied Irish Bank (GB) senior relationship manager Mark Billington, the head of the bank’s Leeds-based business centre, commented: “I am delighted our funding is helping the new management team at HBS Ltd to realise their ambition to run the company.

“This is a great move for the business with a highly experienced team at the helm who have been heavily involved with the firm previously.”

Mark added: “As a specialist business bank we are committed to supporting owner managed businesses and demonstrating a single minded approach to tailor the right funding package for each customer. We wish the team all the best with the future development of the business.”

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