Clydesdale Backs Buy-out at Wellahead
08 April 2008
Clydesdale Backs Buy-out at Wellahead
Clydesdale Bank has supported a restructuring of Aberdeen-based Wellahead Engineering Ltd.
Wellahead Engineering, which supplies the oil and gas industry with high quality precision engineered components, has just completed the transaction which sees the founding director Mike Coutts take overall control of the company.
With investment and facilities from Clydesdale, Mr Coutts has purchased the entire share capital from the other founding director, Maurice Peal, for an undisclosed amount.
From its base at Kirkhill Industrial Estate, Wellahead provides specialist sub-contract machining facilities which involve a high degree of finish and accuracy to various locations around the UK and Europe. Currently, with 11 staff and a turnover of £3 million, the company plans for continued growth following this transaction, with a refocus on the existing quality of supply.
Director, specialist and acquisition finance at Clydesdale in Aberdeen, Ian McNeill, said: “Wellahead has experienced continued growth since establishing in the mid-nineties. With its experience and track-record in meeting very exacting standards the company has built up a robust business which is well positioned to capitalise on the sustained growth in the oil and gas sector.
“It is very satisfactory to be involved in this type of deal for a long-standing Clydesdale customer. Working with the Financial Solutions Centre, we have provided a tailored package of banking facilities that meet Wellahead’s needs.”
The deal was initiated by Hall Morrice, who project managed the process through to a successful completion. Simon Cowie, Partner, who led the transaction said “This deal will provide a platform for Wellahead to continue the growth that they have enjoyed historically.”
Commenting on the transaction, Mike Coutts, added; “The responsiveness from both Clydesdale Bank and Hall Morrice ensured that the deal was successfully completed, allowing both myself and the rest of the management to continue concentrating on the growth of the company and the delivery of a high quality product to our customer base.”
Issued on behalf of the Clydesdale Bank by The BIG Partnership. For more information, contact Zoe Corsi on 01224 578172 or 07973983243
Notes to Editors:
Clydesdale Bank
Clydesdale Bank is part of the National Australia Group. Clydesdale Bank was established in 1838 in Glasgow and has a proud history of innovation and support for Scottish industry and communities. With over 150 retail branches and a network of Financial Solutions Centres, Clydesdale is one of Scotland's largest banks. The Bank is currently expanding its operations into the South of England with its innovative Financial Solutions Centres, offering customers a highly integrated business and private banking service.
Clydesdale Bank was recently voted the ‘Best Business Bank’ in Scotland by the Forum of Private Business.
Hall Morrice
Hall Morrice is a leading independent firm of Chartered Accountants in the North East of Scotland. Established 20 years ago, they now have over 50 employees. Their Corporate Finance Division was re-launched in January 2007 following the merger with Infinity Partnership, a niche Corporate Finance and Business Advisory practice. Hall Morrice completed over 40 deals in 2007 with combined values in excess of £200m.