One of the North East’s fastest growing businesses has announced plans for further expansion following a management buyout (MBO) supported by Lloyds Bank Commercial Banking.
The ground investigation specialist, Dunelm Geotechnical and Environmental Ltd, will see managing director, James Huntington, and finance director, James Forsythe, take control of the company.
This will lead to the expansion of the firm’s regional operations in Scotland and the North West, creating a number of jobs at offices in Cambuslang and Holmes Chapel.
Founded in 1966, Dunelm specialises in ground investigation. It uses a variety of techniques to assess the quality of the ground including the foundations, design and construction.
As part of its commitment to help Britain prosper, Lloyds Bank Commercial Banking provided a multi-million-pound funding package to support the buyout.
The Durham-based business currently provides its services to more than 1000 UK customers across a range of sectors, including residential, commercial and industrial.
Since 2013, Dunelm has quadrupled its turnover by restructuring the business to allow an increased process orientated project delivery, develop national accreditations and initiate a customer-focused management style. The company now plans to push ahead with its growth plans, following the buyout.
Joining the firm’s leadership team, directors Katherine Jones and Rob Schofield will assist in the firm’s technical management to help propel its growth.
Former managing director Gary Dresser and operations and technical director Ann Lowry, the previous owners of Dunelm, will continue to act as consultants for the business.
James Huntington, managing director at Dunelm, said: “As the new owners of the company, we have ambitions to for Dunelm. Thanks to support from Lloyds Bank, we now have both the financial headroom and confidence to push forward with these plans.
“The team at Lloyds Bank has been by our side throughout the entire process offering both advice and financial products to support our ambition.”
Bill Harvey, relationship director at Lloyds Bank Commercial Banking, said: “Supporting the buyout with a tailored funding package will help ease the firm’s working capital pressure and will give it the financial flexibility to drive further investment.
“The company offers a market-leading service thanks to its highly-skilled staff and well-established presence in the geotechnical sector. With its new leadership team at the helm, the business can now continue to build on its growing reputation.
“At Lloyds Bank, we are dedicated to providing the regions businesses with the guidance and support they need to achieve success. That’s why, this year, we have committed to lending up to £700m to help North East firms scale up and reach their ambitions for growth.”