GMI Detects Business Opportunity

One of the UK’s leading manufacturers of gas and leak detection instruments has completed a seven-figure sum management buy-out.

Renfrew-based Gas Measurement Instruments (GMI) has been bought by four of the company’s directors from outgoing CEO, Derek Manson, with support from Clydesdale Bank.

GMI designs, manufactures and markets gas detection instruments which are used across a variety of sectors including oil & gas, shipping, manufacturing, petrochemical, landfill and brewing, as well as by the emergency services.

With almost 50 years working in GMI between them, Managing Director, Mark Robinson, Financial Director, David Hunter, Sales Director, Martin Rennie and Engineering Director, George McGregor, have taken up the reins of the west coast company which was established in 1947 by Alistair Rattray.  The company grew and first took on an international perspective under the leadership of his son, Colin, and remained in the Rattray family until the first MBO in 1994.

With almost 90 staff across the company’s worldwide offices, GMI, which in 2008 posted a turnover of £7.2m, is on target for a record first quarter results.

David Hunter, Financial Director, said that GMI had been built up into a strong independent company, and that the new buy-out team would continue to build upon that success:

“GMI is a well established company that finds itself in a position of strength.  We have a global client-base and partners worldwide and, with Clydesdale’s support, we hope the company will continue along this positive path and increase business volumes.”

Steve Clark, a director in Clydesdale Bank’s Acquisition Finance team in Glasgow added:

“GMI is an experienced company which has excellent prospects for sustainable organic growth and is well positioned to capitalise on the current market conditions.

“Clydesdale Bank is committed to nurturing and supporting local businesses, and the combination of skills that David, Mark, Martin & George bring to the table provides a strong platform for GMI to embrace the next stage of its growth plans.”