Scots duo share in Aberdeen valve success

Two business partners have taken an Aberdeen-based company out of Australian ownership in a share purchase agreement.

The move secures five full-time jobs at Aberdeen Valve Supplies Ltd (AVS) and ensures business-as-usual for the firm's customers in the North Sea oil and gas sector.

The business has been acquired by AVS2 Ltd from an Australian company  Keamy Engineering Australia Pty Ltd. AVS2 Ltd managing director Sylvia Aitken and Gordon Whyte, operations director, undertook the share purchase with significant financing support from Clydesdale Bank's Acquisition Finance Team in Aberdeen.

AVS has operated  since 1996, supplying valves and valve controls to businesses operating primarily in the oil and gas industry. It now has two warehouse facilities at Burnbank Business Centre in Altens, alongside the necessary back-office function.

Gordon Whyte, operations director for AVS, said: "We're very proud to be taking the firm under Scottish ownership for the first time and we look forward to a bright future. We believe we are in a strong position to build a firm in our own right. The market in which we operate is buoyant and we intend to actively pursue an expansion programme which we hope will increase our market share and create more jobs at AVS.

"The support of Clydesdale Bank has been crucial to this deal. The bank has backed AVS since inception and we have been very impressed with the facilities provided on this occasion and others in the past. We're very grateful for the assistance we've received from the bank's Financial Solutions Centre in Aberdeen."

Jamie Ritchie, director, Acquisition Finance at Clydesdale Bank, added: "I'm delighted to see Sylvia and Gordon taking this business on under their own steam - it's great to see an integral part of the oil industry here in Aberdeen transfer under Scottish ownership. We wish them every success in this venture."