Turnbull & Scott (Engineers) Ltd, today announced the successful completion of a £400,000 fund raising and the acquisition of two new businesses. As a result they will be extending their manufacturing operations at the Hawick factory, securing the jobs of the existing workforce and creating a number of additional positions.
The investment represents a second round funding following the 2008 MBO/MBI by the employees and Tricap. This funding round, which raised £400,000 through a combination of debt and equity, was again supported by existing management and Tricap along with Scottish Enterprise through SCIF and SEBSED.
Firstly Turnbull & Scott acquired of Yorkshire based Commercial Electric Heat Ltd.(CEH) – specialists in the design, manufacture and distribution of electrical heating products used in commercial and industrial buildings. Neil Blunt, who co-founded CEH in 1993 will join Turnbull & Scott as Sales Director, Electrical Products and the manufacturing operations will be transferred to Hawick.
Simultaneously Turnbull & Scott have acquired the assets of Tykel Ltd., a sheet metal working company based in Leeds. The assets, which comprise two CNC benders, three CNC presses and ancillary equipment will be moved and installed into Turnbull & Scott’s Hawick factory.
Peter Murphy, MD of Turnbull and Scott, commented
“These acquisitions are an important step forward for us in terms of realising our growth ambitions.”
“CEH has a good track record and brings a complimentary product range and route to market to our existing business. On top of that Neil Blunt joining our management team significantly strengthens our experience and technical knowledge both in heating and electrical.”
“ The Tykel equipment represents an investment in the type of CNC metal working that we can use for our existing products, but also brings the capability which many borders companies can utilise to source high quality metal working services locally.”
Rob Dick, Chairman of Tricap, comments “We are delighted to be part of this deal. We have been impressed with Peter’s plans for growing the company and his ability to engage with people across a wide spectrum from customers to employees. This is an important supporting investment for Tricap as it very much underpins what we are all about – that is to help fund, resource and grow Border’s based businesses.”
Ian Douglas, Chairman of Turnbull & Scott added “the commitment to the business shown by staff combined with the support of the investor members of the business Angel Group Tricap have been key to the success of the current business and were fundamental in the decision that led to this development which will be a major contributor to the future success of this important Borders engineering company”