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Business & Economy

PDQ Engineering ‘ready for further growth’ after management buyout

A precision engineering firm is primed to “build on excellent growth of recent years” following a management buyout, its new bosses have said.

Washington’s PDQ Engineering has been taken on by a seven-strong senior team.

And officials say the company, which makes parts for sectors including offshore energy and healthcare, will continue expanding, after buying out Paul and Gayle Jackson.

Richard Mellett, commercial director, said: “Paul and Gayle have been the driving force of the business, recognising the importance of succession, which has enabled the management team to become increasingly involved in strategic, as well as operational elements, in anticipation of this deal.”

Paul added: “Gayle and I are exceptionally proud of this business, and have complete confidence in the management team, which will maintain the high standards we have set.”

The agreement was secured with seven-figure funding support from NatWest.

The management team was advised by Newcastle-based RG Corporate Finance, led by partner and head of corporate finance Carl Swansbury, with support from corporate finance manager Tom Cosby and corporate finance executive Ben Kain.

Tax advice was provided by tax partner Simon Whiteside and tax director Simon Hopwood.

Carl added: “A management buyout is the perfect way to secure the long-term future of PDQ Engineering.

“This is a great example of the high-quality engineering capabilities that exist in North East England, which have continued to evolve to meet the latest requirements of industry.”

Legal advice was provided by Sintons, led by partner and head of corporate Adrian Dye, and supported by Sophie Townes.

Paul and Gayle received legal advice from partner Luke Philpott and solicitor Max Gilchrist, from the corporate team at Mincoffs Solicitors, with tax advice from Tony Tomlin, director at Debere.

NatWest was advised by Muckle and Addleshaw Goddard, with property valuations undertaken by George F White.