Management Buy-In at Hawick Heating Firm

Turnbull & Scott (Engineers) Ltd, the renowned Hawick based specialist heating engineering firm, has been bought by a management buy-in consortium headed by Peter Murphy along with the management and employees. This consortium is being supported and part financed by TRICAP (the borders based business angel network).

Peter Murphy will join as Managing Director. Murphy, a Chartered Accountant by profession has over twelve years experience in pan European manufacturing and business to business services.

Cliff Rowe and John Raffety, the current owners of Turnbull & Scott are delighted that jobs are being preserved in Hawick. They will both be staying on at the company for a short period, in a consultancy capacity, to effect the handover. Cliff Rowe commented “ I was due to retire last year and had been looking at various options to secure a satisfactory future for the company and the employees. I believe that Peter’s deal is the best one available to take the company into to a new and exciting phase of its growth” .

Turnbull & Scott (Engineers) Ltd have been established manufacturers of heat exchangers since 1933. Today they produce heat exchangers and specialist heating solutions for both Industrial and Commercial Applications.

On the deal Murphy commented “ It’s not often you come across a company of 20 employees with almost 400 years of combined experience, and the value of such a workforce is often overlooked by investors. I had been looking around for a while to buy the right company that I could get involved with and help grow. For me Turnbull and Scott fits that bill. It has a great reputation for quality of product and service and a skilled and committed workforce. The fact that the management and employees are investing in this new company speaks volumes and underpins for me their belief in what we can achieve together. I am also

delighted that Tricap the local business angel syndicate are backing this deal, not only by providing finance but also by giving support at Board level in the form of two new Directors – Ian Douglas (Chairman)and Jamie Andrew (Investor Director).”

Asked why he wanted Tricap involved with this deal Peter responded “I see Tricap as being a key element, not only for the financial investment they have brought to the table but also, and more importantly, for the experience and contacts that come with that investment”.

Rob Dick, Chairman of Tricap, added “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. We believe that he has the ability to execute his growth plan effectively and to support him in this role were providing two experienced non-exec Directors from our membership - Ian Douglas and Jamie Andrew. Ian, who has more than 25 years experience at senior board level mostly driving business growth and handling mergers and acquisitions in a major UK plc, will act as Chairman and Jamie, who is a Chemical Engineer with extensive product development experience will become our Investor Director. Both have a lot to contribute and have considerable Board level experience between them, acting in the capacity of Chairman or Director for number of companies. This is an important 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.”

For further information contact:

Peter Murphy. M.D.Peter Murphy. M.D.
Tel : 01450 372053
Turnbull & Scott (Engineers) Ltd
Commercial Road

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