Midlands’ firms Edwards Chartered Accountants and George Green LLP have directed the successful management buyout (MBO) of Steelstrip Services Ltd t/a Servosteel, advising the senior leadership team of on the transaction, for which financing was provided by HSBC Bank UK Plc.

The MBO sees the team – made up of Steven Dickens (Commercial Director), Darryl Macready (Operations Director), Sarah Ostins (Finance and HR Director) and Richard Burton (IT and Systems Director) – taking full control of the business, with its former owners Mark Anderson and Phillip Guest stepping aside, following a successful eight-year tenure that saw the business return to independent ownership.

With extensive industry knowledge, the new ownership team are well placed to take the business forward, ensuring a smooth transition between owners, continuity and delivery of a business-as-usual approach. Together, the MBO team has nearly 60 years of history working for Servosteel and possess a wealth of experience and knowledge within the steel industry and in steel processing.

Steven Dickens, Servosteel Commercial Director, comments: “We are delighted to have completed the MBO and are excited to build on the excellent platform already established. We are confident we can lead the business into a new and even more successful era through further growth and diversification. Our advisers, Edwards Chartered Accountants and George Green LLP supported us through every step of the MBO – and as a team we knew we were in safe hands. They worked tirelessly to deliver on a tight timescale.”

Steven Holden, Head of Tax at Walsall-based Edwards Chartered Accountants, added: “Working with existing management teams to ensure a smooth transition of business is always rewarding, and the team at Servosteel were no exception to that rule. We certainly look forward to watching the team’s successes as they take the business forward into a new era of ownership.”

Sarah Ward, Head of Corporate and Commercial at George Green LLP, who advised the MBO team, said: “We were delighted to act for a management team which combines a long and illustrious history with Servosteel and the steel industry but with an energy and drive to take the business forward, looking to embrace new challenges, whilst capitalising on its existing relationships and market positioning.”

Gary Riley, HSBC UK Relationship Director for West Midlands, added: “HSBC UK is committed to helping businesses realise their ambitions. We were delighted to be able to assist this next generation of the management team in fulfilling their funding requirements and look forward to working with them as they take Servosteel into its next business chapter”.

Servosteel oversees an annual capacity of more than 500,000 tonnes of steel all situated in its centrally located warehouse offering multiple processing and storage options.