The management team at a West Yorkshire metallurgy testing firm have completed a buyout with bank funding.
Husband and wife team Debbie and Matthew Mellor used a new debt facility from NatWest to complete the deal which sees them take full control of Keighley Laboratories Limited from existing shareholders. The 1920s-founded business provides metallurgy testing, consultancy and chemical analytical solutions to customers in a range of sectors including aerospace, marine, defence, nuclear, energy and rail.
Mr Mellor, said: "We believe that the future is extremely positive for the company, and we look forward to developing further the range of the services we offer. We have in place a growth strategy for the business and several strategic partnerships, which will help progress the business and bring greater opportunities. We have recently gained Boeing D1-4426 status, marking us a quality supplier and has been a significant achievement in our strategic plan of maintaining and extending the scope of aerospace approvals."
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Mrs Mellor, who has served on the Bradford Chamber of Commerce Leadership Group for the past nine years and more recently the West Yorkshire Manufacturing Advisory Board, said she and her husband were passionate about the business. She said: "We have both worked in the business for over 30 years. Being managing director since 2007, this was the natural progression that was facilitated by the existing shareholders exiting the business.
"We are keen to drive the business forward – providing quality technical metallurgical services from our team of experts whilst also ensuring continuity of service throughout the MBO."
Law firm Gordons, led by corporate partner Duncan Firman and commercial property partner Nick Chamberlain, advised on the deal along with Gavin Lamb from Azets. NatWest senior relationship manager Sanjoy Kundu facilitated the funding.
Duncan Firman said: "Keighley Laboratories is a long-standing client of Gordons. We are delighted to have been able to work with Debbie and the management team to secure completion of the transaction as part of the next phase of the company’s journey."
