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Higgs & Sons advises Servosteel on their return to independence
Article date: 01/04/2014
Higgs & Sons has advised the management team on the successful MBO of Essar Steel Processing & Distribution UK Ltd from its international owners for an undisclosed multi million pound sum. The company, which has changed its corporate name to Steelstrip Services Limited, will now trade under the Servosteel brand.
Servosteel can trace its history back over thirty years and is the UK's largest supplier of toll processing services to the strip mill products market. The business has a well-established customer base, serving many sectors of the UK steel market including but not limited to automotive, fabrication, construction, yellow goods and general engineering sectors. The company employs 75 people at its 197,000 sq./ft. facility at Pensnett Road, Dudley.
Commenting on the deal, Executive Directors Phillip Guest and Mark Anderson stated:
"We are delighted to have been able to bring the company back into private ownership where we believe it can continue to prosper. Despite the fact that it has not been used for a number of years, the Servosteel name still resonates within the UK steel market and we intend to build on its excellent reputation."
Higgs & Sons corporate partner Richard Griffiths led the legal team at Higgs. He commented:
"We are pleased to have been able to assist with the acquisition of the business from the Essar Steel Group. The management has big plans for the future of the business and I have every confidence that under Mark and Phill's stewardship, Servosteel will continue to go from strength to strength."
Phill and Mark added: "The support provided by Richard and his team in the MBO process was invaluable and we look forward to working closely with Higgs in the future."
Higgs & Sons works from two offices in the Midlands, including the 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.