The value of the deal has not been disclosed, but new managing director Peter Murphy (pictured) has announced ambitious growth plans for the company which produces heat exchangers and provides specialist heating solutions in the industrial and commercial sectors.
The company is based in Hawick in the Scottish Borders and was established in 1933. It has a workforce of 25 and had a turnover last year of £1.2 million.
Mr Murphy, a chartered accountant who led the buy-in consortium, said: “Our growth plans revolve around adding additional capability and product lines. As a result we are looking at growing our workforce by 25 per cent over the coming years.”
Previous owners Cliff Rowe and John Rafferty will stay on at the company for a short period on a consultancy basis to oversee the handover. Mr Rowe said: “I believe Peter’s deal is the best one available to take the company into a new and exciting phase of growth.”
Mr Murphy added: “The fact the management and employees are investing in this new company speaks volumes and underpins for me their belief in what we can achieve together.
'I am also delighted that TRI Cap, the local business angel syndicate are backing this deal, not only by providing finance, but also by giving support at Board level in the form of two new directors.”
Pictured, from left to right, are Jamie Andrew, Investment Director, Peter Murphy, managing director and Ian Douglas, chairman, from Turnbull & Scott (Engineers) Ltd