Member Article

Regional Director completes MBO to acquire Teesside industrial firm

The Regional Director at Teesside-based industrial firm CIS Northern Ltd has completed a management buy out of the business, in partnership with WSG UK Ltd.

The acquisition safeguards 60 jobs on Teesside, following prevailing uncertainty in the region in the wake of SSI’s Redcar closure.

Regional Director Mike Lee, who says he was determined to secure the company’s future, approached accountancy firm Anderson Barrowcliff to help facilitate a deal.

Rebranded as WSG Industrial Services, Mike says the company hopes to build a full service business for the region’s oil and gas, utilities, power, steel and manufacturing sectors.

Mike, who is aiming to increase turnover from the current group combined £17m to £25m in the upcoming three years, explained: “I approached Anderson Barrowcliff with a management buyout proposal which Partner James Dale helped develop.

“He understood how important it was for any potential partners to be the right fit and was very helpful in structuring a realistic proposal.

Mike Winchester, who recently joined WSG UK Ltd as director following the acquisition, is keen to develop the opportunities now afforded to the current employees.

He said: “The great thing is we can now create an internal learning environment, with the team able to learn new skills and services from their colleagues.

“Using a ‘mature apprenticeship’ style of training, as well as accredited courses, we’re hoping to strengthen and progress the team in even more technical services over the years. This will not only help us to win new clients, but also offer a greater range of services to existing clients.”