A management team comprising Jody Allan, Wayne Barry and Paul Chambers has completed a management buy out of Kingstown Associates from Nigel Mellor and David Whittle, with the latter now retiring from the business. Nigel Mellor will, however, remain with the business as managing director, he commented “I’ve worked with the new team for a number of years during which time they have gained experience of the business and the sector in which we operate. Together we’re looking forward to continued growth and success.”
Funding for the MBO of the £18 million turnover business was provided by HSBC.
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