Buy-out in Lanarkshire
UKSE backs asbestos firm’s MBO
The deal was supported by UK Steel Enterprises, the Tata Steel subsidiary set up to assist growing companies in traditional steel-producing areas.
It provided a six-figure loan for the Lanarkshire business together with an equity funding package.
Managing director Robert Stevenson, spearheaded the MBO, purchasing the company from its previous owners who were retiring.
Founded in 1973, the company services local authorities, major construction companies, the rail infrastructure sector and educational institutions. It is one of only 12 fully-licensed asbestos removal companies in the country.
Mr Stevenson previously worked with the former owners on a consultancy basis when initial talks to purchase the business began four years ago.
Now at the helm, he aims to maintain the momentum the business has achieved since its inception and grow the surveying services of the business.
Since he joined the company the number of employees has increased from four to 16, with the business heavily investing in staff training and specialist equipment.
He said: “Because the asbestos sector runs on very strict licensing regulations, it made sense to take over an already registered, experienced and well respected business, rather than set one up from scratch.
“My background is in the analytical side of both the geotechnical and contaminated land fields, so we expect this to be a growth sector for the business working across Scotland and the UK.
“Working with UKSE has been superb. From the beginning, their knowledge and business advice has been excellent and being able to secure vital funding meant the deal went as smoothly as possible. They have been fundamental to the buyout and we look forward to our continuing relationship.”
Scott Webb, regional executive for UKSE, said: “SB & AS is a solid business with an excellent reputation in the asbestos removal sector. The MBO will allow Robert to put his plans in place, focussing on additional recruitment and business growth.”
Photo: Scott Webb and Robert Stevenson (contributed)