Posted on February 16th, 2009
PROjEN build for the future with Management buy out
PROjEN, the award winning Project Management Company based in Northwich, Cheshire, has further boosted its prospects for the future following a multi-million pound buyout backed by The Co-operative Bank.
The deal was completed on Friday 6th February 2009 and saw the creation of a new management team and structure. The MBO team was led by the current MD, John Taylor, who will take an Executive Chairman role and Martin Seabrook, who becomes the new Managing Director. John Taylor will retain a daily involvement in the business for Sales, Marketing and Communications as well as leading the Board and there will be phased handover of MD duties to Martin Seabrook, who has been with PROjEN for over 5 years. Tony Lea retains his role of Operational Director, David Elliott becomes Business Support Services Director and Marcus Royle takes over as Finance Director and Company Secretary. This team now takes full control of the business with two longstanding Directors, John Poole and David Moss, retaining a smaller share in the company and becoming non executive directors following the sale.
PROjEN underwent extreme scrutiny as a result of the current economic climate in order to secure the funding and Several North West based professional firms worked on the deal including Clearwater Corporate Finance, lawyers Aaron & Partners, Lockett Loveday McMahon and Hill Dickinson with BDO Stoy Hayward providing due diligence for The Co-operative Bank.
Whilst this is a significant milestone in PROjEN’s development and will form the foundations for continued and sustainable growth, it has been reiterated by the company that this will not alter the way PROjEN carries out its business. There will be no change in business culture, or the way the company approaches and serves its clients. More importantly, they will continue to be a ‘people business’ where the ability of all staff members to contribute and comment on the business strategy remains “key” to PROjEN’s success.
PROjEN Executive Chairman, John Taylor said: “I believe the management team and employees of PROjEN are second to none, proof of which is in our financial performance over the last 6 years and the number of business awards we have won. I think it pays testament to the strength of PROjEN that even in these testing economic times, a strong ethical bank like The Co-operative Bank is more than happy to support our growth. Our desire to grow further required a supportive bank that were financially sound and understood our people focus and our business ethics.”
Marie Wood, Regional Manager at The Co-operative Bank said: “This was a great deal for us to be involved in. It sees a highly skilled and motivated management team, which has been instrumental in shaping a thriving business, given the opportunity to take it forward and develop the business further.
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