By Lyndsey Hall
Sheffield based gearbox repair company TDR Transmission has completed a £1 million management buyout with the support of NatWest and RBS Invoice Finance.
The new owners of the business are Lee Walkland, son of existing co-owner Ken Walkland, Darren Morland, Carl Smith and Jason Smith. A collaborative funding package totalling £1m has been provided by NatWest and RBS Invoice Finance, the remaining contribution has been provided by the new owners.
The business was founded in 1979 and specialises in the repair and reconditioning of industrial gearboxes, vacuum pumps and industrial blowers. The Sheffield based company has an annual turnover of £2.2m and more than twenty full time staff.
The seven-figure deal was reached with the support of Wake Smith Solicitors, Knowles Warwick Accountants and BRM Solicitors.
New co-owner, Lee Walkland said: “This MBO heralds a significant milestone for TDR which has grown from a small-scale business to become one of the UK’s leading industry suppliers of gearbox repairs. My partners and I are looking forward to continuing the growth of the business and strengthening our position in the industry. It was important to us to work with a bank that understands our business and NatWest has really done that.”
William Islip, NatWest relationship manager, added: “We worked closely with TDR to develop a collaborative funding package with added value products and services to support the business growth.”
Knowles Warwick’s Director of Corporate Finance, Rob Hanney, said: “This is an excellent opportunity for the new management team, and we’re thrilled to have been able to assist them in their dream of owning the business.”
If you’re looking to raise funding for a purchase, or even to grow your current business, download our guide to Raising Finance.
