The £600,000 deal has allowed fellow directors Rob Gavin and Greg Russell to buy out a majority shareholder and gain full ownership of the company. Funding Circle and Actons Solictors were advisers on the deal and chartered accountants McGregors Corporate are now working on behalf of the new management team to help them grow the business.
The company was founded in 1994 by Brian Bartram & Robert Pasierb to meet a gap in the market for a specialised aluminium bending services. Greg Russell joined the business in 1995 and Rob Gavin joined in 2007. Brian retired in 2007 and Robert Pasierb has subsequently retired following the buy-out.
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Since 2007, Rob and Gavin have been working hard to ensure that ABS has increased turnover year on year. The company recorded sales of £1.2million in 2012 and now employs 20 staff at its factory based on Lowmoor Road Industrial Estate. It has recently invested in new machinery and a spray booth to powder coat aluminium shapes which are bent for use as curved windows, archways, partitioning, shop fronts and facades as well as various engineering applications and structures.
Greg Russell, previously production director will now take on the role of Managing Director and Rob Gavin Sales Director. Commenting, Rob said: "I am delighted that Greg and I now have full control of the company and with help from McGregors Corporate as new advisers we are really excited about the future."
Chris Holder of McGregors Corporate added: "ABS have a strong order book and robust processes in place to manage their finances. These are a solid foundation on which to plan for the future."
Over the past 18 years ABS Ltd has curved sections for some very prestigious projects such as Aviva Stadium, Dublin, Athletes Olympic village, The Shard in London, the new production facility at McLaren Motor Sport, and the Co-operative Group head offices in Manchester.
The company also exhibited at the Grand Designs Exhibition in May 13, for the second year running at the Excel Centre in London and expects to pick up a number of new trade contracts to manufacture shaped and circular aluminium windows.
