Yorkshire engineering firm taken over through management buyout
The management team of Huddersfield-based industrial fan engineering firm Woodcock & Wilson Group has taken over the company with the backing of a funding package from HSBC UK.
The leadership team, made up of Richard Wilson, Gareth Wolstencroft, Scott Harding, Ian Crum and Charles Halstead, will jointly take a majority share of the business from its existing chairman, who plans to retire in the near future.
With its fresh leadership and new funding from HSBC, the group plans to embark on a growth plan involving the development of its hazardous area products to complement its standard project offerings.
The company will also invest in its manufacturing processes and says it expects to increase turnover and create new jobs as it moves forward.
Woodcock & Wilson Group managing director Ian Crum said: “HSBC UK’s financial backing and guidance gave us the means and confidence to undertake this buyout.
“We’re now looking to build upon recent substantial contract wins by driving forward an ambitious growth plan that will scale up our product range and allow us to explore new markets both in the UK and overseas.”
HSBC UK’s relationship director for West and South Yorkshire, Anthony Wild, added: “Yorkshire has a proud history of engineering and manufacturing so we’re delighted to support a highly skilled business with a market leading reputation in the industry.
“The leadership team has a wealth of experience, which, coupled with their desire for growth, will only lead to exciting opportunities for the group.”
HSBC UK was supported in the transaction by Geoff Thomas of Brown Butler, along with Steven Millward and Lucy Holroyd of Schofield Sweeney.
Wheawill & Sudworth and Bermans acted on behalf of Woodcock & Wilson Group.