Founders take full ownership at Nottingham engineering firm
Above: (left to right) Adam Ames, Corporate Finance Director at Shorts, Michael Lane Accounts Manager at MPS, Russ Kingswell and Bob Hemstock founders of MPS, William Islip Relationship Director at NatWest.
The directors of Metal Process Services Ltd (MPS), Bob Hemstock and Russ Kingswell, have purchased a 33.3% share in the business from Bulwell Precision Engineers Ltd, with the support of a collaborative seven-figure funding package from NatWest and RBS Invoice Finance.
The share purchase will allow the existing directors to continue running the company and grow the business. Bob and Russ founded the company in 1996 to provide thermal spray and coating services for the aerospace industries.
MPS is one of the small number of companies operating within this specialised sector providing services for the UK and European market. A wide range of aerospace components, including those used in the current Rolls-Royce main engine programmes, are coated, for example Trent XWB, RB211, Adour, BR710, etc. used for commercial and defence applications including the Royal Air Force Red Arrows Hawk engines.
The company now has 57 employees, mostly from the local Nottinghamshire area and has seen turnover grow year on year.
Michael Lane, Accounts Manager at MPS who managed the deal on behalf of the company, said: "We offer a particularly specialist service in a continually growing market place.
"Thanks to the funding from NatWest, Bob and Russ have taken full ownership of the business and are able to explore opportunities for further growth. The founders have a forensic knowledge of the business and we look forward to utilising that to expand the company and our client base."
William Islip, Relationship Director at NatWest and Paul Green at RBS Invoice Finance worked with MPS on the deal. William said: "MPS has worked with NatWest since 1996 and this is a pivotal deal for the company. With Bob and Russ’ leadership, MPS can continue to reaffirm its leading position in this sector and we look forward to working with the team as it grows."
The partners supporting on the deal included Paul Trudgill at Keebles, Emma Sadler and Andrew Curtis at Addleshaw Goddard, Paul Cliff at Gateley and Adam Ames and Andy Ryder at Shorts Chartered Accountants.
