Standard Engineering Ltd
“John advised us on the original buy-out from Halma and we had no hesitation in getting him on board to advise on the secondary buy-out. His extensive contact base within the financial community and his knowledge of what could and could not be achieved in terms of fundraising was critical in getting the deal away.”
Tony Law, managing director and major shareholder
Standard Engineering Limited, the UK’s leading supplier of shoe repair machinery, turned to Skye Corporate Finance for support through a secondary management buy-out.
The Kettering-based company had previously been through a management buy-out from Halma plc in 1999. With more than 30 staff and a generating turnover of £2 million, the company was ready to move to its next stage of development.
Managing director and major shareholder Tony Law identified the need for an effective succession plan to secure long-term success and continuing momentum in the business. Two new directors were appointed to cover sales and finance, and over a two-year period these employees were given greater responsibility for the business.
A carefully-timed deal was struck, allowing the new team to acquire a majority stake in the business with Law retaining a smaller shareholding. A business planning and fundraising exercise was required to secure the necessary to cash to complete the deal. The company appointed Skye Corporate Finance to lead this process.