Future Secured for Hebburn-based Construction Company following MBO

Castle has ensured a bright future for its staff and clients following a management buyout (MBO), as two of its leaders exit the business.

The Hebburn-based construction company, which offers design services, Principal Contracting, MEP Subcontracting, new builds, fit-outs, and refurbishments, has seen significant growth since its incorporation in 2002 by founders Tony Lister and Allan Carr. Under the management of the former board Tony Lister, Allan Carr, David Harland, Simon Groom and Andrew Dawson, the company has grown to a turnover of more than £40m and is a tier 1 contractor in the industry in the North of England and Scotland.

The MBO follows the decision of Castle founder Allan Carr and shareholder Dave Harland to retire from the business and the remaining board members, CEO, Tony Lister, Managing Director, Andrew Dawson, and Technical Director, Simon Groom, agreeing to buy them out for an undisclosed sum. Building on continued growth, the restructured board and senior management team have plans to increase the firm’s turnover and provide ‘business as usual’ service excellence to its customers.

Corporate purchase agreement advice was provided throughout by Tony Tomlin, Director of Washington-based accountancy firm, Debére, who structured the entire transaction and obtained relevant clearance from HMRC. The buyers were represented by Chris Hughes, Corporate Partner at Mincoffs Solicitors, and the sellers by Teesside firm Endeavour Partnership.

Tony Tomlin, Director at Debére, commented: “Having worked with the Castle team for almost 20 years, it was a pleasure to advise them on this next step of the business’ journey, and see the MBO through from start to finish. We are delighted to have retained all parties as clients following the transaction, and we wish Allan and David all the best for their retirement, and CBSO all the success for the future. We’re looking forward to continuing to work with them and assisting them on their future growth plans.”

Debére, based in Washington, offers an all-rounded personal service to all of our clients, who range from sole traders and partnerships to large multi-million turnover owner-managed businesses.