Mayflower sails anew

Sheffield-based laser cutting outfit Mayflower Technology has been taken over by a new management team, backed by an integrated package of debt and equity from Bank of Scotland. Though exact details of the BIMBO have not been confirmed, Bank of Scotland is known to be taking a ‘significant’ minority equity stake.

Sheffield-based laser cutting outfit Mayflower Technology has been taken over by a new management, backed by an integrated package of debt and equity from Bank of Scotland.

The buy-in management buy-out (BIMBO) was made for an undisclosed sum, with Bank of Scotland taking a ‘significant’ minority equity stake. Incoming managing director Henry Shirman takes over the helm from the current family owners and will lead the five-strong existing executive team. ‘Mayflower has developed an excellent reputation as a high quality, reliable supplier,’ states Shirman. ‘The combination of a committed management team, an excellent workforce, state-of-the-art facilities and a strong, supportive financial partner provides a powerful platform for continued growth.’

With a workforce of 130, Mayflower has annual sales in excess of £16 million from its specialisation in component laser cutting, pressing, welding and fabrication. Customers include the rail, defence, construction and leisure boat industries, making such components as high-strength parts for anti-personnel device detectors, body parts for military ambulances and laser-cut ‘self-jigging’ boat kits.

Colin James, director of integrated finance at Bank of Scotland Corporate claims that ‘this transaction is a great result for all parties involved. Our integrated finance structure is non-exit focused as we are committed to developing a long-term partnership with management.’

Leslie Copeland

Gordon Yost

Leslie was made Editor for Growth Company Investor magazine in 2000, then headed up the launch of Business XL magazine, and then became Editorial Director in 2007 for the online and print publication portfolio...

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