Bosses at a Huddersfield engineering company have bought the business for a seven-figure sum.
Now the new owners of Lindley-based Sanderson Precision Engineering Ltd say they plan to build on the firm’s 60-year heritage by investing in its staff, plant and equipment.
The company, which employs 17 people, is based at Wellington Works and makes precision machined components for a mixture of long-standing and new customers in sectors including pharmaceuticals, oil, gas and automotive.
The management buy-out was completed with funding from Santander Corporate & Commercial for an undisclosed sum.
The company was founded in 1954 by Stuart Sanderson. It later operated under the management of Malcolm Binns and most recently Richard Davenport.
The management team now leading the business is headed by John Womersley, who has worked for the company for 26 years and takes up the position of managing director. His wife Donna will be company secretary.
The couple bought the shares in Sanderson Precision Engineering via their company JW & DW Investment Ltd from former managing director Mr Davenport. Having worked at Sanderson Precision Engineering since he was 15, Mr Davenport has now retired, but will continue to support the business on a consultancy basis.
The handover has been part of a long-term plan for Mr Womersley to take over the business on Mr Davenport’s retirement.
Mr Womersley said: “Having spent most of my working life at Sanderson Precision Engineering, I know the business inside out and see this move as a great opportunity to build on the company’s 60 year heritage.
“It will be very much business as usual for customers and staff. With a solid reputation as one of the leaders in precision engineering, I will be continuing to invest in plant, equipment, technology and personnel in order to maintain our market position and grow the business.”
The deal was handled by a team of Yorkshire advisers comprising Jonathan Simms, partner in Clarion’s corporate team in Leeds, who advised management on the transaction; Ian Parsons, of Parsons & Co Chartered Accountants in Wakefield, who structured the deal; and Linda Greenwood, of Santander Corporate & Commercial, which provided funding.
Mr Davenport said: “It is great news for everyone involved that the business is in John’s capable hands. I am confident that he will continue to build on its solid foundations and take the company forward – and I give my best wishes to John for the future.”
Ms Greenwood, relationship director for Santander Corporate & Commercial, said: “We are delighted to be involved in a management buy-out to an in-house successor, who has spent his career at the business.
“Sanderson Precision Engineering is a strong business with an experienced management team and we look forward to continuing to support the business as it develops in the future.”
Mr Sims added: “It’s satisfying to support such a well-established Yorkshire company to reach another key milestone in its development. The business has established a first rate reputation in this niche sector and with such an experienced management team at the helm, it will, no doubt, continue to prosper.”