In a deal worth approximately £5 million,
Multi Metals Ltd has been sold to its senior management team
following an agreed buy-out from its parent company Murray International
Holdings Ltd.
The MBO will see managing director Andrew Murray take a majority
stake in the newly formed MCG Holdings Ltd, with commercial
director Allan Clacher and financial director Keith Grandison
owning the remainder. MCG Holdings will acquire 100% of the
equity of Multi Metals Limited and will be the vehicle for future
growth and acquisition. Bank of Scotland has provided a package
of funding to support the transaction.
Commenting on the deal, Andrew Murray said: “The time
is now right for Multi Metals Limited to make the break and
stand on its own two feet. The recent multi-million pound investment
in warehouse facilities, cutting equipment and distribution
has seen increase in demand for our products and services. Multi
Metals is now firmly established as one of the largest independent
aluminium stockholders in the UK. As a result of the acquisition,
we can now take full advantage of our reputation as a market
leader and diversify into other industries without compromising
the business activities of a parent company.”
Donald Wilson, Group Financial Director of Murray International
Holdings, said: “Multi Metals has increased market share
in recent years. However, as we continue to focus on the Murray
Group’s investment portfolio, we believe that Multi Metals
will have a greater ongoing opportunity operating within an
independent structure. We wish the management team of Andrew,
Allan and Keith every success with this venture.”
Based in Bellshill and the West Midlands, Multi Metals has an
annual turnover of £13 million and employs 40 staff.
More Information: Lesley Alexander, Tel: 0141-400 1770
