Finance For Enterprise has provided a loan of £208,500 to support the management buyout (MBO) of Parker Oak (Yorkshire) Ltd, a well-established manufacturer and installer of bespoke oak-framed structures.
The funding has enabled Spike Ambery Smith, the company’s long-standing project manager, along with his wife, Jess Ambery Smith, to acquire the business and continue its legacy of craftsmanship.
Originally founded as C L Parker & Sons, Parker Oak has been a family-run business for over 30 years, specialising in oak-framed structures for the past 15 years. The business operates from a workshop, office, and showroom in Dalton, near Thirsk.
Spike Ambery Smith has been an integral part of Parker Oak since 2002 when he joined the company at 16. Over the years, he has gained extensive expertise in carpentry, joinery, and oak framing, as well as valuable business acumen from Darren Parker, the company’s previous managing director and sole shareholder.
With Darren Parker stepping back, Spike saw an opportunity to preserve and grow the business.
Ben Merrick, senior business lending manager at Finance For Enterprise, who supported the deal, said: “Parker Oak has built a strong reputation for craftsmanship and quality, and we were impressed by Spike’s dedication to the company and his deep understanding of the business.
“It’s fantastic to see a long-serving employee step up to take over and lead the business into the future. We’re delighted to have provided the funding to help make this transition possible.”
Spike Ambery Smith added: “I’ve been part of Parker Oak for most of my life, and I’m incredibly proud to be taking the reins.
“Darren, his wife Jo and the team have built something truly special, and with this support from FFE, I’m excited to continue the company’s legacy, maintaining the high standards and traditional techniques that set us apart.”
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