Sheffield-based laser cutting outfit Mayflower Technology has been taken over by a new management, backed by an integrated package of debt and equity from Bank of Scotland.

The buy-in management buy-out (BIMBO) was made for an undisclosed sum, with Bank of Scotland taking a ‘significant’ minority equity stake. Incoming managing director Henry Shirman takes over the helm from the current family owners and will lead the five-strong existing executive team. ‘Mayflower has developed an excellent reputation as a high quality, reliable supplier,’ states Shirman. ‘The combination of a committed management team, an excellent workforce, state-of-the-art facilities and a strong, supportive financial partner provides a powerful platform for continued growth.’

With a workforce of 130, Mayflower has annual sales in excess of £16 million from its specialisation in component laser cutting, pressing, welding and fabrication. Customers include the rail, defence, construction and leisure boat industries, making such components as high-strength parts for anti-personnel device detectors, body parts for military ambulances and laser-cut ‘self-jigging’ boat kits.

Colin James, director of integrated finance at Bank of Scotland Corporate claims that ‘this transaction is a great result for all parties involved. Our integrated finance structure is non-exit focused as we are committed to developing a long-term partnership with management.’