Sunderland engineer Owben ‘exploring growth opportunities’ after buyout

An engineering firm’s new bosses say they are “eager to explore new growth opportunities” after completing a management buyout.

Andrew Corsar, Andrew Halpin, Anthony Holmes and Anthony Joice have taken over Sunderland-based Owben.

And the quartet say they have plans to “increase the market presence and enhance service offerings” at the business, which is known for providing production line upgrade support to companies including Washington car maker Nissan and Amazon.

Under the terms of the buyout, company founders Richard Walsh and Lee Finney, who established the firm in 2011, have retained senior positions.

Andrew Corsar, managing director, said: “We’re immensely proud of what has been achieved since 2011, and our immediate focus is on sustaining the ethos Lee and Richard have created.

“At the same time, we are eager to explore new growth opportunities that will increase our market presence and enhance our service offerings.”

The management team was advised by Newcastle-based law firm Sintons’ partner and head of corporate Adrian Dye and solicitor Daniel Earle.

Adrian said: “Owben is a long-standing client, and we’ve seen how the business has grown and developed over the years.

“This buyout is the start of a new chapter but one which will continue on the successful path put in place by its founders.”

The deal was backed by funding from Barclays Bank UK, with accountancy firm RMT supporting with corporate finance and acting as tax advisors.

Owben’s exiting owners were advised by JLF Law.

• Pictured, above, from left to right, are Owben’s Andrew Halpin, Anthony Holmes and Andrew Corsar, with Sintons’ Adrian Dye and Daniel Earle