Lancashire engineering company set for 'secure and prosperous future' undergoes buyout

Accrington engineering firm Tufting Machinery Services Limited has changed hands following a management buyout (MBO).

Chris McGonagle and John Heap acquired the company from retiring directors Eugene Regan and Paul Grant, who will continue to be involved in Tufting for an agreed handover period.

PM+M, the Blackburn-headquartered chartered accountancy, business advisory and wealth management group, acted for the MBO team in the deal. Farleys Solicitors provided legal advice.

NatWest funded the transaction with legal advice from law firm Forbes.

Chris McGonagle said: “Both myself and John are incredibly proud to take the reins of Tufting Machinery Services.

“Our focus is now on building on Eugene and Paul’s hard work to ensure the business has a secure and prosperous future.”

Tim Mills, corporate finance partner at PM+M, commented: “This is a fantastic opportunity for Chris and John and allows a well-established and much respected Lancashire business to flourish.”

Farleys associate partner Charlotte Mills said: “It’s been a privilege to help Chris and John achieve their goal of taking ownership of a company with a clear plan for further business growth, and we wish them every success for the future.”

The value of the deal was undisclosed.

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →