A Scarborough-based electrical supplier has been acquired by its Branch Manager in a management buyout.
Mike Pearson has taken over The Electrical Network (Scarborough) Ltd, in a deal that provides an exit for Edward McVey and Graeme Doherty.
The Electrical Network (Scarborough) Ltd supplies electrical contractors, local authorities, healthcare trusts and other businesses with equipment such as safety devices, light fittings, switchboards, showers and extraction fans.
The company employs eight people and has a turnover of £2.3m.
Mike was advised on the buyout by Christian Hunt and Andrew Gawley of Langleys Solicitors and Phil Dibbs at Hawkmoor Associates.
Mike said: “I have been with The Electrical Network since its formation eight years ago, during which time I’ve been a store and branch manager, so I know the company inside out.
“We are well known for the quality of our service and this has enabled us to build a large customer base. People come to us with an electrical problem and we have the skills and experience to provide them with the best possible solution.
“My plan going forward is to expand the business with new outlets in Yorkshire and the North East.”
Christian Hunt, partner at Langleys, said: “We were delighted to help Mike achieve his ambition of taking over the business. I’m looking forward to seeing the company go from strength to strength under his ownership.”
Phil Dibbs said: “Mike is a long-standing manager of the business with a great reputation in the Scarborough area. He was highly motivated to do this deal and deserves every success. This was a fantastic team effort and I’m looking forward to working with the Langleys team on further transactions in the future.”