August 2, 2019 @ 8:24 by Steven Hugill
A Northumberland-based engineering supplier has its sights set on contract growth following a management buy-out.
Site and Field Services, headquartered in Ashington, is targeting expansion in the offshore energy sector.
The business supplies services and components to the oil and gas industry and was recently acquired in a buy-out by John Thompson and Mark Berry.
Managing director John has been with the company since October 2018, with Mark working as a consultant.
The duo bought the firm from retiring director Peter Tighe.
The deal was supported by North East-based accountancy practice MHA Tait Walker and Square One Law.
John, who previously owned subsea engineer Moffat 2000, said: “I have worked with and admired Site and Field Services for many years due to its excellent track record as a North East welding fabrication and CNC machining company.
“When the opportunity to acquire the business presented itself, Mark and I jumped at the chance.
“We have a fantastic team of over 45 employees here with second-to-none capability and I am excited about the possibilities to develop and grow the company at a time when the North Sea oil and gas market is starting to see good levels of investment after many years of downturn.
“My hopes are to grow the business by securing contracts with oil and gas majors and blue-chip offshore construction contractors, as well as developing new and innovative products for the industry.”
MHA Tait Walker, which has offices in Newcastle, Durham, Teesside and Northumberland, supported the team throughout the deal with forecasting, financial negotiations and project management.
Jesmond and Stockton-based Square One Law provided legal advice, with HSBC UK providing the funding required to take ownership of Site and Field Services.
Steve Plaskitt, partner at MHA Tait Walker, said: “We were delighted to have acted for John and Mark as part of this important deal.
“Having worked with them both through a number of projects, including the sale of Moffat, it’s great to see them now as owners of Site and Field.
“We would like to wish the team all the best for the future as they move forward with their new business.”
John Hammill, corporate partner at Square One Law, added: “John and Mark have a wealth of experience in the engineering industry and their leadership will no doubt drive the expansion of Site and Field Services while enhancing the company’s current reputation for providing high-quality products in a timely manner.”
Martin Glaholm, business banking relationship manager at HSBC UK, said: “We were thrilled to support John and Mark with the growth of their long-standing business.
“This deal further enhances the company’s visibility and position in the North East and we look forward to seeing the business flourish in the engineering market over the coming months.”