A husband-and-wife team have led their management board to complete a buyout of the £6million turnover double-glazing business they set up in 2003.
The management team of Washington-based NE&C (North East and Cumbria) Windows & Doors has bought the business from the current owners Ed and Heather Ramshaw for an undisclosed amount with the deal seen as a springboard for further growth.
With 50 employees NE&C Windows and Doors operates from a 16,500 sq ft unit in the Glover Industrial Estate where it designs and manufactures a range of UPVC and aluminium windows, doors and conservatories for the commercial and residential sectors.
Founder Ed Ramshaw said: “After 20 years we have seen our family-run business grow from strength to strength and we now feel it is time to pass on the baton to a younger yet highly experienced team to take the company forward.
“The business will continue in safe hands as we complete a management buyout, which is set to take the company into a new phase and to generate further growth across all divisions with new customers already lined up.”
Longest serving manager Steve Allen will now head up the team as managing director, followed by Paul Readman, commercial director, Rachel Parkin-Wade, finance director and Michael Massey, operations director.
Heather Ramshaw who has supported the business in a finance role during its life span said: “We wish to thank all our loyal workers, customers and suppliers who have supported us over the past 20 years without them, we simply couldn’t have done it. We are immensely proud of our achievements and that we have been able to build such a respected North East company and go through this experience together.”
The buyout involved sale structure and tax advice from Michael Moran of Robson Laidler Accountants who acted for the vendors, with mergers and acquisitions expert, Jabad Jaigirdar of JLF Law Firm leading on the corporate legal advice. Clive Owen Accountants, which is the company’s accounting firm acted for the management team.
Ramshaw continued: “Successful succession deals happen with the backing of expert advisers who have aligned goals. We cannot thank Robson Laidler Accountants and JLF Law Firm enough for guiding this seamless sale.”
JLF senior partner Jabad Jaigirdar said: “A business exit is a defining achievement for any entrepreneur and this deal adds to JLF’s track record of advising on successful exits for shareholders of some of the region’s leading businesses. It was a pleasure acting for Ed and Heather – the sale represents fitting reward for the founders having built a quality business, with significant potential for further growth.”
Robson Laidler director Michael Moran said: “NE&C Windows and Doors has developed an incredibly successful and solid business that is trusted and valued by customers and colleagues alike. Ed and Heather’s passion and care is instilled in the management team who have done a great job of building the business to where it is today. I wish them every success.”
www.robson-laidler.co.uk