MANAGEMENT BUY-IN (MBI) AT TAYLOR AND JONES
19 May 2005
The management team responsible for the rapid expansion at Sheffield based Turton Springs is spreading its wings to West Yorkshire. Andrew Eyre, Andy Bumford and Doug Maxwell have bought Taylor and Jones Limited, the Huddersfield based reamer manufacturer, in a deal worth almost £1 million and will run it in tandem with their Turton Springs business. Strategic Corporate Finance (SCF) acted as lead deal advisers to Andrew Eyre and his colleagues in negotiating the Taylor and Jones acquisition.
Taylor and Jones was established in a small workshop in Huddersfield in 1920 and manufactures premium quality reamers that are now sold throughout the world with the Far East, USA and South America being particularly strong markets.
The MBI team won bank finance support from HSBC Bank plc and venture capital backing from YFM Venture Finance Ltd.
As Andrew Eyre, Taylor and Jones' new Managing Director puts it "We are very pleased to have secured the purchase of Taylor and Jones and look forward to developing the extremely strong reputation and brand name that it has established over the past 85 years. The Company operates in a niche market that has substantial potential for expansion and with the help of our staff we will drive the Company forward in the years ahead.
Kevan Shaw of SCF adds "We are delighted to have assisted the MBI team. Their previous experience in tooling manufacture and sales will help to ensure that Taylor and Jones goes from strength to strength. The retiring owner-managers didn't take full advantage of the market opportunities open to the business so there is considerable potential for development."
At YFM Venture Finance Mark Hunter was responsible for assessing the proposal. "Having backed Andrew and his colleagues at Turton Springs we had the benefit of knowing just how capable they are in managing change and growth in this particular sector. This is a good business proposition so we were very happy to offer Yorkshire and Humber Equity Fund finance."
Paul Stevenson of HSBC commented "We are pleased to offer Taylor and Jones a funding package that enables the Company to grow and look forward to a long and successful relationship with both Taylor and Jones and Turton Springs. The management team are progressive people and I am sure that they will develop both businesses to their full potential."
James Bullock of HLW, solicitors, acted for the MBI team. Derek Rodgers of Keeble Hawson acted for YFM Venture Finance.
Contacts
Andrew Eyre, Managing Director, Taylor and Jones Tel: 01484 665321
Kevan Shaw, Director, SCF Tel: 0114-268-414 (www.strategiccorporatefinance.co.uk)
Mark Hunter, Investment Manager, YFM Venture Finance. Tel: 0113-294-5019 (www.yfmgroup.co.uk)