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Press Release: 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
we are 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.
Tel : 01450 372053
Turnbull & Scott (Engineers) Ltd
Commercial Road
Hawick
TD 8 7AQ
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