Nelsons, Debrett’s, Azets, and Legal Clarity have advised on the management buy-out of Allan J Hargreaves Plant Engineers Limited, with funding provided by Barclays.
Allan J Hargreaves was established in 1983 by Allan Hargreaves. The business, which is based in Thornton-Cleveleys near Blackpool, now employs around 70 staff and is a specialist in the design and manufacture of road-rail vehicles to facilitate engineering and construction works along or around rail networks.
Allan stepped back from the majority of the day-to-day aspects of running the business a few years ago, with Managing Director responsibilities being taken on by his son, Paul Hargreaves. Allan and wife, Ros, will step back fully as they look to enjoy retirement.
Commenting on the deal, Paul Hargreaves said:
“Completing a management buy-out of our family business feels like an entirely natural next-step in the continued development of the Allan J Hargreaves group. I am extremely pleased that the transaction will enable my parents, Allan and Ros, to now be able to enjoy the fruits of their labours in retirement, safe in the knowledge that the business will continue under family ownership for the foreseeable future.”
As part of the management buy-out, our Corporate team advised the management team. Richard Underwood and Martin Clifford of Legal Clarity Limited provided advice to the sellers.
Corporate Finance advice to the shareholders and the company was provided by Mark Selby, Tom Eastwood, and Harveer Gill of Debrett’s Private Finance Limited.
Tax advice on the transaction was provided by Ray Abercromby and Sarah Sullivan of Azets.
Funding for the transaction was provided by Barclays, arranged by Allan Blackburn, Business Relationship Director.
Paul added:
“I would like to take this opportunity to thank Debrett’s and all of the other professional advisers involved in helping structure and deliver the transaction.”