Thornes Fabrications Limited, a Wakefield-based metal fabrication business originally founded in 1989, has secured its future following a management buy-out with £250k funding provided by Finance For Enterprise (FFE).
The MBO was led by the current owner’s nephew, Ben Crossland, who has been with the business for over ten years. The company will continue to trade under the existing name. The retiring directors Dean Crossland, Andrew Stubbs and Jayne Crossland will stay on temporarily post sale as consultants to ensure a smooth and manageable handover.
The 36 year old business designs, manufactures and installs sheet metal products and fabricated structures, offering a range of engineering goods and services.
Commenting on the deal, Dean Crossland said: “Andrew, Jayne and I wanted to retire, and we’re delighted that Ben showed interest in buying the company. He started with us as an apprentice 14 years ago, so he knows the business inside out and has lots of energy and ideas, so I know its future is in safe hands.”
The buy-out also means that five employees will retain their employment contracts and Ben has ambitions to increase the customer base and create further local employment opportunities.
Ben added: “I’m planning a very smooth transition to allow existing customers to get to know me better and ensure we maintain our ability to meet project briefs and respond quickly. Then, we will step up our marketing in order to secure new contracts from previously untapped sources and gradually build the team to meet the increased demand.”
Business lending manager, Jeremy Meadowcroft from Finance For Enterprise added: “The business has an established reputation, with some high profile repeat clients. I am delighted that FFE has been able to provide the funds to allow a successful manufacturing business to transition into ownership by the second generation of the family.”
