A Preston-based independent non-ferrous scrap metal merchant has completed a management buyout with support from Yorkshire Bank.
Tom Martin & Company, based at Walton Summit, has been acquired by the existing senior management team.
We are excited at the opportunity to deliver further growth for what is already a very successful business
It comes as the previous majority shareholder and Finance Director, Sean Hallinan, retires from the business.
The buyout was supported by Yorkshire Bank’s Corporate and Structured Finance team in Manchester, who provided a funding package which will be used to fund both the current transaction and support Tom Martin’s future aspirations.
George Brettle, Tom Martin & Co’s managing director, said: “We have worked together as a management team for a number of years and will of course be sad to see Sean step down from the business.
“However, we are excited at the opportunity to deliver further growth for what is already a very successful business.
“Tom Martin has a long-standing relationship with Yorkshire Bank and we value their continued support.”
Established in 1948, Tom Martin operates from two UK sites in Preston and Manchester and has a third site in Poland.
The business handles thousands of tonnes of metal a year, providing a tailored service in the processing of metals purchased from a sophisticated supplier base for use in a range of industries.
Craig Cheetham, Senior Director, Corporate and Structured Finance, at Yorkshire Bank, said: “We have worked with Tom Martin for 15 years, we have developed an excellent relationship with the business, having now supported them through three management buyouts,.”
Tom Martin & Co’s management team were advised on the transaction by Partner, Michael Reeves, Director, Tom Barnwell, and Associate, Zack Goddard, of Clearwater International with Pinsent Masons acting as the management team’s legal advisers.