A £12m-turnover installer of automatic fire sprinklers established in 1976 has been acquired from its founder in a management buyout (MBO).
Armstrong Priestley, which has its headquarters and fabrication facility in Leeds alongside sub offices in the North East and Maidstone, Kent, has been bought from founder Peter Armstrong, who has reduced his shareholding to 5 per cent.
The remaining shares are divided between management led by financial director Anne Marie Cable. The other directors are Steve Brailey, Barry Ebbs, Terry Bennett and Karen Taylor.
"I believe the time is right to hand over control of the business and I am happy to stay involved as chairman for at least the next five years," said Armstrong.
"The directors are a fantastic loyal team and we have created a family like business which I want to support into the future."
The deal was financed through company cash reserves supported by loan notes and opens up an exciting new chapter for the company.
Peter Armstrong was advised throughout the transaction by Rachel Neems a consultant with Clarion Solicitors in Leeds.
Projects Armstrong Priestley has worked on include protected listed buildings,such as Cuthbert Broderick's famous Leeds Corn Exchange and shopping centres including The Core in Leeds and Monument Mall in Newcastle.
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