County Durham firm to create several jobs for region following management buyout
A County Durham businesses has announced plans for further expansion following an MBO supported by Lloyds Bank Commercial Banking.
Ground investigation specialist Dunelm Geotechnical and Environmental Ltd are to see managing director James Huntington, with finance director James Forsythe, take control of the company.
This will lead to the expansion of the firm’s regional operations in Scotland and the North West, which could create several jobs at offices in Cambuslang and Holmes Chapel.
Founded in 1966, Dunelm specialises in ground investigation, assessing the quality of the ground including the foundations, design and construction.
James Huntington, managing director at Dunelm, said: “As the new owners of the company, we have ambitions to for Dunelm. Thanks to support from Lloyds Bank, we now have both the financial headroom and confidence to push forward with these plans.
“The team at Lloyds Bank has been by our side throughout the entire process offering both advice and financial products to support our ambition.”
As part of its commitment to help Britain prosper, Lloyds Bank Commercial Banking provided a multi-million-pound funding package to support the buyout.
The Durham-based business currently provides its services to more than 1,000 UK customers across sectors including residential, commercial and industrial.
Joining the firm’s leadership team, directors Katherine Jones and Rob Schofield will assist in the firm’s technical management.
Bill Harvey, relationship director at Lloyds Bank Commercial Banking, added: “Supporting the buyout with a tailored funding package will help ease the firm’s working capital pressure and will give it the financial flexibility to drive further investment.
“The company offers a market-leading service thanks to its highly-skilled staff and well-established presence in the geotechnical sector. With its new leadership team at the helm, the business can now continue to build on its growing reputation.”
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