Sheffield-based Mayflower Technology Ltd has undergone a buy-in management buy-out (BIMBO) with Bank of Scotland Corporate providing an integrated debt and equity package.
Established in 1995, Mayflower specialises in component laser cutting, pressing, machining, welding and fabricating. From its Mayflower Works on Darnall Road in Sheffield, the 130 employee company has a turnover of in excess of £16 million. Mayflower supplies global equipment manufacturers across a number of markets including construction, quarrying, recycling, rail and capital goods sectors.
The BIMBO, which takes Mayflower out of family ownership, was led by incoming managing director, Henry Shirman. Shirman, together with the existing management team comprising Darren Bradley, Alex Geddes, Howard Kellett, Colin Riddell, and Karl Stewart, will form the company’s executive board. As part of the transaction, Bank of Scotland Corporate has taken a significant minority equity stake in the business.