Maintenance engineering business
For sale (ref: SCF0433) - added 22 July 2010
East Midlands. This business, located in a 24k sq ft leasehold unit, operates across 5 sectors: mechanical maintenance; new project engineering; precision machining; fabrication and offshore service.
Its customers are generally deploying large industrial machinery in production and process environments. Its capabilities are founded on its team of a 30+ employed engineers, 12 of whom are qualified to work offshore.
Recently its principal customer has announced a plant closure which is potentially worth 20M to the company in additional sales.
In the current year to March 2011, sales, excluding decommissioning project turnover, are forecast to reach 2.3M producing an adjusted EBITDA of about 187k. This represents a substantial increase on the previous year driven by the recovery and the business development initiatives begun in 2009/10. The balance sheet as at March 2010 showed net assets of just over 100k.
The guide price for 100% of the shares is 700k and in addition, the vendors will expect to receive further significant payments based on the decommissioning project. The Operations Director is willing to stay on for an extended period, on terms to be agreed, to assist with handover and management of the decommissioning project.
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