Million pound management buyout for Park
1 min read
Park Precision Engineering has acquired certain parts of the business and assets of Park Engineering Limited from its administrators. This deal safeguards the future of Park and preserves the employment of 60 skilled engineers and staff in the Weymouth area.
The management buyout has been led by Richard Archer and Ben Edwards, who between them have over 25 years of involvement with the business. The buyout was financed by Hilco Commercial, a business restructuring specialist.
Mr Archer has been sales manager at Park for two years and is the son of the co-founder of the company, Mick Archer, who sold the business three years ago. Mr Edwards joined the business from school, starting work as an apprentice welder and fulfilled various roles before becoming operations manager in 2008.
Park has been operating for over 20 years, manufacturing precision engineering parts for the defence and printing industries from its purpose built 20,000 ft² factory on the Granby Industrial Estate.
Mr Archer commented: "It is great news that we have been able to put together our management buyout and found a partner with significant financial resources and expertise in buying businesses that have been in financial distress".
Andrew Pepper, chief executive of Hilco Commercial said: "We are pleased to be able to back a strong, young, but experienced team to build on Park's 20 plus years of largely successful trading. We also consider Park well placed to exploit potential consolidation options within the sector".
