MC Vanguard advises Lancashire based Test & Measurement Hire Group for management buyout

Lancashire based Test & Measurement Hire Group has announced a management buyout from its major shareholders.

The Burscough firm is one of the UK’s leading suppliers of testing, measurement, and calibration equipment to the manufacturing and engineering sector. It works extensively in the Scottish offshore oil industry with further offices in Inverurie, Aberdeenshire.

Test & Measurement Hire Group was founded in 2000 and has become a leader in the marketplace with a diverse range of the latest technology equipment within its hire fleet.

TMHG Deal Edited Photo 2
Pictured L-R: Paul Rowe, Gordon Thow, Barbara Hurley
Ken Grannelll, Robin Gower

The MBO was backed by external funding from Lloyds TSB alongside funding from existing management and an original founder of the company, Ken Grannell.

The management team was advised by MC Vanguard, the corporate finance arm of North West based accountancy firm and business advisors Mitchell Charlesworth. MC Vanguard’s work was led by Robin Gower and Brian McCann. Kieran Donovan of Bermans Solicitors provided legal support.

Mr Grannell will now return as managing director after leaving the firm in 2006. He said the MBO follows the company’s most successful year in history and he is now planning to deliver an exciting growth strategy to drive market share across the UK.

“This is an exciting opportunity for us to build on the tremendous success the team have already achieved,” he said. “Our aim will be to continue to expand our business to the benefit of our customers, offering a wider product range while still providing industry-leading levels of customer service and support.

“People come to us because we are a genuine ‘one-stop-shop’,” said Mr Gordon Thow, the Aberdeen Operations Manager. “We do whatever we can to help. If we don’t have it in stock, we can get hold of it. This helps us to understand the range of equipment we need to service our customer base. Internal software systems record all customer requirements. Listening and responding to what the customer needs is paramount.”

“The company has established an excellent customer base and enjoys high levels of repeat business,” said Mr Dennis Wilson, the Operations Manager for group company Direct Instrument Hire. “The management has continued to successfully develop and grow the business with the underlying strategy to seek new opportunities in the emerging technological industries. Both turnover and profit continued to increase year-on-year. Furthermore 2013 was the most successful year for the company to date, and current performance is again substantially ahead of expectations.”

Mr Gower of MC Vanguard Corporate Finance, who was lead adviser on the deal, said: “We are delighted to have supported this talented management team in helping them to realise this important stage in their ambitions to grow the business. With a track record of excellence, this move will further enhance the company’s position in the marketplace and bodes well for its future.”

Mr Donovan of Bermans Solicitors said: “Having worked with management team for a number of years we have witnessed the business, and the team, grow from strength to strength. This deal will be the catalyst for even more exciting times for the company.”

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