Wake Smith Solicitors has advised on the management buy-out of leading Sheffield-based designers and manufacturers of stainless steel building products, Wincro Metal Industries Ltd.
The company commercial team at the Sheffield solicitors teamed up with accountants Shorts and funders Virgin Money to advise on the MBO.
Wake Smith’s legal work included acting on the sale and purchase agreement for John Young, a Director of Wincro, who became the new managing director, buying out the other shareholders, and dealing with the financing/security documents with Virgin Money.
John Baddeley, director in the corporate team at Wake Smith, said:
“We are delighted to have acted for John Young and his team in connection with the MBO and wish them all the best for the future as they look to grow this established Sheffield manufacturing business.”
John Young added: “Having worked at Wincro for over 30 years now, it’s a dream come true for myself, my family and the MBO team. Supported by my senior management team, who have over 100 years’ experience within the business and industry, we have ambitious plans for the future and look forward to the next chapter in our company’s long and successful history.”
Wincro can trace its roots to the 1920’s when designing and building the Winco-Stringer motorcar, which was at the forefront of technology for the day.
The business is now one of today’s leading designers and manufacturers of brickwork support systems, wall ties and fixings for the construction market, earning them an excellent reputation for quality, reliability and expertise. The business has benefitted and grown substantially as Sheffield and its infrastructure has grown.
Andy Ryder, corporate finance partner at Shorts, commented: “We are delighted to have helped John Young and the team achieve their goal of owning the company. We are sure that the transition will result in continued growth and success for the business.”
David Burgess, director of Business Development at Virgin Money, said “Virgin Money is delighted to support John Young and the team and provide the finance to fund the MBO. Having been trading for over 60 years Wincro has established itself as one of the leading manufacturers in this sector. John has run the company day to day successfully for a number of years and we believe he is the right man to lead the business on the next stage of its journey. We are looking forward to backing the business as it continues to grow.”
