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Corporate team advise SCS Group

Schofield Sweeney's Steven Millward and Jessica Fielden advised specialist contractor SCS Group on a Vendor Initiated Management Buy Out (VIMBO) financed by Allied Irish Bank (GB) for an undisclosed sum.

Founded in 1994, the group is headquartered in Stanley in Wakefield and has an annual turnover in excess of £20m.

SCS specialises in the supply and installation of Steel Framing Systems, Metal Stud Partitions / Dry-Lining, Suspended Ceilings, Glass Reinforced Gypsum Profiles and Encasements.

“We are delighted to support a successful, entrepreneurial regional businesses and it’s great to be involved in helping SCS Group to continue in the next phase of its growth journey.” Said Steven Millward, Partner

Mark Billington and Matthew Fannon from Allied Irish Bank (GB) worked together to structure a funding package to support the transaction and were introduced to SCS Group by corporate finance advisors Richard Feltham and Mark Phillips from accountants, Garbutt + Elliott.

The buyout has been built around a succession strategy as current shareholders Rodger Lambert, Andy Morson and Trevor Watson are seeking to retire to allow existing key personnel a stake in the business.

The new shareholder directors are Darren Friend, Paul Flynn, Craig Scott and Michelle Chappell Dixon.

Richard Feltham, corporate finance partner at Garbutt + Elliott, added: “This is a great example of a well managed succession plan and buyout, demonstrating the importance of planning ahead of time for such transactions. SCS is a very strong regional business and AIB (GB)’s backing proves the availability of capital for the right businesses in Yorkshire”.

About the Author

Steven Millward

Partner

Steven advises on all aspects of corporate/commercial law acting for a wide range of clients…

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