The three-strong management team of a designer and builder of Olympic-class sailing dinghies has bought the business after securing the backing of NEL Fund Managers.

The three-strong management team of a designer and builder of Olympic-class sailing dinghies has bought the business after securing the backing of NEL Fund Managers.

Ovington Boats was bought for an undisclosed sum by sales and marketing director Dave Hall, technical director Chris Turner and head of finance Veronica Brown.

The company was sold following the passing of the company’s founder Dave Ovington. The vendor was advised on the tax and accounting implications of the deal by Michael Bell of Michael Bell & Co.

“The deal was complicated by a deferred consideration and there were delays in finalising the transfer of licences,” Bell said. “However, both parties and their advisers worked closely together to achieve a successful result for all concerned.”