The buyout team was headed by Mechan business development director Richard Carr, who becomes managing director following completion of the deal. He is an equal shareholder with three colleagues – financial director Zahir Altaf, sales director Graham Cofield and technical director Christian Fletcher.
“We had been in discussions since January with founder and major shareholder Tony Hague, who decided to sell some while ago,” Richard Carr said. “So we were pleased to tie up an agreement that will enable Mechan to maintain the growth achieved over the past four decades.”
Hague retains a minority holding and the role of chairman.
Funding for the buyout was provided by South Yorkshire Investment Fund, alongside personal investment from members of the buyout team and ongoing banking arrangements.
Mechan will operate from its current premises until 2009, when relocation to a new facility is envisaged.
