The General Manager of a Lincolnshire engineering business has purchased the trading company following an MBO.
Fenflow Ltd, which is based in Spalding, has been bought by Lee Oliver, via L& S Engineering Ltd (the holding company).
The business specialises in the engineering of pumps and valves used by water irrigation boards and has the NHS and large factories amongst its clients.
The business, which was established in 2002, employs 16 staff.
Lee Oliver said: “It has always been my goal to own and run an engineering company and I have worked towards this for some time now. This was a strategic purchase for myself fitting in with my background and having worked for the company for three years I had an in depth knowledge of the company’s inner workings, customers and staff.
“I am looking forward to the business growing within our current customer base and supplemented by work from new customers in the services and products that we offer within our current geographic target area.
“In order to cope with the increased work, we will look to increase our staff numbers in the mechanical and electrical trade.
“In the current economic climate, it is vital that we keep the hospitals and power stations running and our waterways maintained to ensure any impact felt by the pandemic does not have an adverse effect on the local and surrounding areas.
“By keeping our staff gainfully employed we are safeguarding not only their future and that of the company, but also that of our customers with the specialist work that we perform both on their sites and in our fully equipped workshop.”
Funding was provided by Barclays. Nigel Killock, Barclays Business Manager in Spalding, said: “In these challenging times it has been great to be able to support local a local business and secure local jobs.”