Non-ferrous metals supplier CG Rees has been bought out by new MD Jan Frayne, who has worked at the company for 17 years.
Non-ferrous metals supplier CG Rees has been bought out by new managing director Jan Frayne, who has worked at the company for 17 years. The deal, worth £1.3 million, was funded by Finance Wales and the Welsh Assembly.
Finance Wales, a subsidiary of the Welsh Assembly, supplied a loan for £650,000, with more funding coming in the form of a grant from the Assembly. The management buy-out (MBO) sees Frayne become owner of the Cardiff-based business, which has been renamed Fromstock.
Outgoing managing director Colin Rees is retiring from the business, which he founded in 1974.
Frayne says, ‘[Rees] established a succession plan back in 2006 as part of his plan to retire from the business. He wanted to ensure the company continued trading and an MBO was an obvious avenue.’
Fromstock specialises in the short-notice supply of bronze, stainless steel, aluminium, brass and copper to 450 customers in South Wales, the West of England and the Midlands. Customers range from large manufacturers to heavy and light industrial users.