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Higgs & Sons drives Black Country management buyout
Article date: 17/05/2013
Leading law firm Higgs & Sons has advised a Black Country steel stockholder on its recent management buy-out for an undisclosed sum.
Carrs Tool Steels, a front runner in the supply of advanced technology tool steel and aluminium, has seen a huge boost in turnover and profits as a result of the recent resurgence of the UK manufacturing industry, with this recent development indicating a healthy looking future for this local business.
Carrs has been in business since 1902 and has a team of 30 employees. The Tipton based firm supplies a range of materials and cutting and machining services to manufacturing organisations all over the UK.
Originally acquired by the shareholders via a management buyout in 1992, it has been sold to the company's management team led by managing director Andrew Eastwood and operations director Julie Shields, both of whom have worked for Carrs for over twenty years.
The outgoing chairman at Carrs, Bill Church said "We are delighted to have completed the sale of the business to Andrew and Julie.
This represents a natural conclusion to a succession plan we instituted in 2009. The business under their management has continued to go from strength to strength and we are delighted to hand over the reins to them."
Andrew Eastwood stated "Both Julie and I know the business well and were keen to grasp this opportunity.
"I want to pay tribute to the previous owners' stewardship in creating such a solid and well invested company. The demands placed on production tooling have risen dramatically in recent years with the introduction of new materials such as high strength, low alloy automotive steel and new, more demanding production processes.
"Coupled with a resurgence in the UK manufacturing sector we see a strong future for Carrs."
Higgs & Sons partner Nick Taylor was supported by Richard Griffiths in this high profile change of hands, providing legal advice on the transaction. Nick commented "It is fantastic to see a local and traditional Black Country business transition into the safe hands of the incumbent management team who have been doing a great job running the company for many years already".
Andy Kay of Crowe Clark Whitehill advised the management team and David Neate of Springboard acted on behalf of the outgoing shareholders. The transaction was financed by Barclays, with Mark Attwood, relationship director, acting.
Higgs & Sons works from two offices in the Midlands, including Waterfront Business Park in Brierley Hill. The firm employs over 200 people, which includes more than 100 specialist lawyers.
To find out more about Higgs & Sons call 0845 111 5050 or visit www.higgsandsons.co.uk.
Photo - L-R: Andrew Eastwood (Carrs Tool Steels), Nick Taylor (Higgs & Sons), Richard Griffiths (Higgs & Sons), Andy Kay (Crowe Clark Whitehill) and Julie Shields (Carrs Tool Steels)