Workers at coating firm have got buyout covered.
Byline: Graemewhitfield Business editor email@example.com @Graemewhitfield
LONG-SERVING members of staff at a coating company on Tyneside have completed a management buyout of their employers.
Craig Johnson and Gary Dent have worked at Blaydon-based Architectural Powder Coatings (APC) for a combined 22 years, and have taken over the company on the retirement of its former shareholders.
The company specialises in powder coating aluminium and galvanised steel components that are widely used in the construction industry.
Its North East-based operation works with companies as far afield as Scotland and Leicestershire.
Customers include AkzoNobel, Axalta Performance Coatings, Tiger Coatings UK, Syntha Pulvin (Inver) and IGP Powder Coatings Mr Johnson and Mr Dent were advised on the deal by Newcastle law firm Muckle LLP and accountants Stokoe Rodger LLP.
They said: "After many years devoted to the company, it's a fantastic opportunity to be able to successfully complete this management buyout.
"This deal will enable us to really drive improvement at APC Ltd and we have ambitious plans for the future."
They added: "We already have a loyal and strong customer base, while still attracting fresh enquiries and successfully bringing new customers on board.
"With the financial guidance from Paul Killen and Craig Jeavans of Stokoe Rodger LLP on the structure of the deal, along with the expert legal advice on the MBO [management buyout] process from the team at Muckle LLP, we are delighted to be able to complete the acquisition."
The MBO was supported with investment from Barclays Bank and Skipton Building Society. Specialist legal advice was provided by Muckle LLP partner Anthony Evans and solicitor Sara Worsick in its corporate team, together with solicitor Zoe Ditch in the banking team.
Sara Worsick said: "We are delighted to have advised Craig and Gary on their successful MBO.
"They are both driven and dedicated individuals, so I have no doubt that they will go on to achieve their ambitions with the company.
"They have worked very hard to get to this stage and I wish them both and the business every success in the coming years."
Anthony Evans (Muckle), Craig Johnson (APC ), Sara Worsick and Zoe Ditch (Muckle) and Gary Dent (ACP) Mike Smith Photography
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|Publication:||The Journal (Newcastle, England)|
|Date:||May 9, 2019|
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