June 9, 2020 @ 9:21 by Richard Dawson
Engineering and technical staffing firm Techconsult UK is aiming for growth following a management buyout (MBO) led by two of its management team.
Originally part of Norwegian company Techconsult Norway, the Teesside-based business has been acquired by managing director Steve Guest and finance director Sarah Taylor.
Located in the heart of the petrochemical and process industries at Wilton International, Techconsult UK provides technical and engineering talent to clients operating in a range of industry sectors on a permanent, temporary and contract basis.
The new owners will implement a three-year growth plan, which will include job creation and expanded services to place more high-quality engineering talent into a growing customer base.
The MBO was instigated after Steve Guest engaged with North East business advisor Gary Lumby to look at ways to scale the business.
Corporate finance advice was provided by Ryecroft Glenton’s (RGCF) head of corporate finance, Carl Swansbury, alongside Gary Lumby.
Tax advice was provided by Clive Owen LLP with legal support coming from Oliver Hebdon at Archers Law.
Steve Guest, managing director of Techconsult UK, said: “Completing the MBO creates a great opportunity to further grow our business and increase the scale of operations in our key sectors.
“We are very proud of the reputation we have built across UK industry, which will provide a springboard to the next stage of development of the business and include the creation of additional employment and new opportunities for our candidates and clients.”
Carl Swansbury, head of corporate finance and partner at RGCF, said: “Steve and Sarah have developed an agile and professional business, which is prime for growth.
“We are proud to be working with them, alongside Gary Lumby, to implement a growth strategy and source new working capital facilities, which will enable Techconsult UK to deliver upon its scale up ambitions.”
Gary Lumby, managing director, Focus on Success Ltd, added: “This is a brilliant opportunity for Steve, Sarah and the team at Techconsult UK to expand its position in key industry sectors.
“It has a strategic understanding of the markets in which it operates and with the support I have been able to provide, alongside Carl and his team at RGCF, I am confident that the business will embark on a new growth trajectory.”