2 February 2009
MBO for SPG
SUPERMARKET refrigeration specialist, SPG has been under independent ownership for the past 20 years, but a handful of its senior managers have carried out a management buy out of the firm.
Managing Director and SPG major shareholder, Gary Edwards put pen to paper on Friday, January 30, to agree the MBO with senior managers.
The MBO team includes two existing board directors and two of the Cambridgeshire-based firm's senior managers. Existing manufacturing manager Tony David, sales and development director Steve Leach, long-term employee and accountant Harry Rees and sales and operations director Gary Smith make up the new management team.
Gary Edwards had always planned on leaving the business when he was 50. He turned 50 in September 2008. Edwards will retain a minor shareholding for a set period of time and give his input as a non-executive chairman, during and beyond the company transition.
Describing the MBO team, sales director Steve Leach said: 'These people, between them, have a history of ability in design, development, production, finance, sales and are key to the delivery and installation of the equipment together with the management skills of running a company'.
Leach added: 'This management team have been historically running the day to day business matters for many years and hence are in a strong position to take the company forward'.
He added: 'It may be considered a strange economic climate to be undertaking this move, but we feel confident about the future of the retail sector within this country, and even more confident about the future growth of the customers we are privileged to be partnering within these troubled times together with the suppliers who support us'.
SPG currently employs 150 people at five sites in the Eaton Socon area. A few weeks ago, the firm began moving some of its production facilities into new premises not far away from its Eaton Socon base. New facilities will include a new showroom and a conference room.