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MSIF supports scaffolding buy-out
A manager who has run a Merseyside-based scaffolding business for the past 20 years has bought the company for a seven-figure sum.
Sterling Scaffolding Services, which supports house-builders such as Redrow and Rushmon Homes, is now owned by Robin Smith following a £1 million deal.
Smith becomes managing director of the Birkenhead company and will run the business with the help of his two sons.
The new owner invested in the deal alongside £350,000 from Merseyside Special Investment Fund (MSIF), with the remainder funded through invoice discounting provided by Cattles.
MSIF’s funding was arranged by investment manager Malcolm Jones, who said he is backing a man who “knows the company inside out”. “The scaffolding industry is extremely buoyant due to stringent regulations relating to construction and we believe the business will continue to prosper.”
Sterling, which has been supplying scaffolding to the new housing market since 1987, was sold by A1 Pacific.
Smith received legal support from Andrew Whittingham-Jones of Guy Williams Layton, while MSIF was advised on the terms of its investment by Andrew O’Mahony of Brabners Chaffe Street.
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