North East-based Responsive Group, has undergone a Buy-In, Management Buy-Out (BIMBO) for an undisclosed sum, from Chris Thompson and his family. Thompson is a well known local entrepreneur.
Backed by the North East office of Lloyds TSB Commercial Finance (the asset-based lending arm of Lloyds TSB Bank), the BIMBO is being led by Paul Torday (MBI candidate), and the current group managing director, Peter Bernard. The BIMBO team were advised by Clearwater International.
Investment in the business will be the key focus going forward as the new owners believe that, with the resource and access to capital this opportunity brings, they can capitalise on a number of significant
With a £6 million aggregate turnover, Responsive is a group holding company with four strategic businesses; Weldex provides precision welding and precision fabrication and is highly experienced in the welding of exotic materials including titanium, duplex, inconel and hastelloy. The Responsive Group, whose customer base is very broad and diverse was created to give the four companies more focus and strategic direction and to allow them to take advantage of potential cross-selling opportunities and to undertake more contracts on a group-wide basis. Paul Torday will take on the role of executive chairman of the group, and Peter Bernard will continue as the group managing director. A number of other senior management across the group are also participating in the buy-out.