Company Description:

Motherwell Bridge Ltd, the Lanarkshire-based engineering contractor, has capped a remarkable three-year turnaround with the announcement of a management buyout backed by JOHCM Private Equity, (the private equity division of J O Hambro Capital Management Ltd). Company chairman Hugh Hayes, who led the rescue of the loss-making business in 2003, and 11 other senior managers have acquired a 26% stake in the group, with the balance bought by funds managed and advised by JOHCM Private Equity, which has had a longstanding relationship with the company since being a shareholder of the old group prior to 2003. The management team//s investment is around ?3.9M and a new debt and banking package has been provided to the company by Royal Bank of Scotland. Hayes said the management team had been pondering an MBO offer for some time and had considered a number of partners before deciding to work exclusively with JOHCM Private Equity on an offer to the bank syndicate and the old Motherwell Bridge pension scheme, which between them held a majority stake in the company. He said that the proposal had been accepted and with a great deal of effort the transaction completed on Friday 8th September. He said: The outcome of the deal is that the bank syndicate