Cardiff-based property entrepreneur Paul Bailey has taken ownership of ship repair and marine services businesses A&P Group and A&P Ports & Properties for an undisclosed sum. Previously he was a 50 per cent shareholder with management.
Clearwater Corporate Finance advised the vendors, the Group CEO David Ring and Group CFO Ken Thompson, who have overseen the growth in turnover and profits over the last 10 years, and who will be leaving the group after a short hand over period. The deal, which was completed in just six weeks after negotiations commenced, will see the next tier of management take operational control of the trading businesses.
Founded in 1971 as a shipyard design and construction business, A&P has become a leading force in ship repair, conversion and marine services and has carried out work for clients from over 70 countries including government, cruise, ferry and commercial shipping lines.
The company, which employs 600 full time staff has operations at Hebburn on Tyneside, Middlesbrough in Teesside, Chatham in Kent and Falmouth in Cornwall, where it has plans for developing a 300-berth marina.
The Clearwater team was led by partner Philip Nuttall in Manchester. Philip Nuttall said: “A&P is one of only two remaining forces in UK ship repairing. The acquisition is another important development in the Group’s long history”.