Willenhall-based steel stockholder and processor, Colter Steels has changed hands in a management buy-out led by the company’s commercial director Steve Smallman.
The company, which was established 26 years ago by Malcolm Bowker, has been bought for an undisclosed sum by Mr Smallman and his business partner Colin Giles who joins the company as operations director.
The MBO team was advised by corporate specialist Pat Moore and Alex Nicol of Horwath Corporate Finance, who negotiated the sale with Mr Bowker who wanted to ensure that a fair deal was struck for both parties.
Hawkins Hatton, the specialist corporate law firm based in Dudley, acted as legal advisors to Mr Bowker and Colter Steels with partner Colin Rodrigues leading the corporate team. Funding was provided by HSBC Bank, represented through Gary Riley.
With three factory units in Willenhall totalling 16,500 sq ft, Colter Steels is an independent processor and stockholder of hot and rolled steel strip. The company also stocks a range of cold reduced, zintec and galvanized steel available in coil sheet, strip or blanks.
The new management team has ambitious plans for Colter Steels.
“As well as successfully growing UK sales, the company has already started exporting to Poland and China,” said Mr Smallman.