2:24 PM February 1, 2022
A administration buy-out at St Neots engineering agency Titan has taken the chequered flag.
Titan began life as a motorsport racing workforce however has advanced right into a mainstream automotive engineering enterprise over the past decade and is now a number one provider of elements to excessive efficiency car producers in addition to creating complicated steering know-how for superior autos.
The transfer on the agency, which employs 80, follows the retirement of Oz Timms and Diana Thomas after 40 years and the switch of possession to a brand new shareholder workforce of George Lendrum, Eamonn Byrne and Michael Sheridan, all of whom have been with Titan for a number of years.
The agency stated this meant a seamless transition with no disruption to employees, shoppers and stakeholders and that they have been trying to a “dynamic and thrilling” future.
George Lendrum, chief govt, stated: “The change of possession at Titan is a big milestone for the enterprise.
“Oz and Di deserve a lot respect for the best way the corporate has developed, and we are going to proceed alongside the identical path which we now have overseen lately.”
He stated: “At current, there are numerous thrilling and progressive initiatives happening within the automotive sector, and Titan has labored diligently to be a part of the electrical revolution as a provider of progressive power-assisted and autonomous steering applied sciences.
“The corporate can be diversifying its supply into adjoining scientific markets requiring related manufacturing providers.”
Lake Falconer, accomplice at PEM Company Finance, stated: “Titan is a superb enterprise on the innovative of electrical and autonomous car know-how and with sturdy motor racing heritage. This deal secures administration and possession succession and we’ve loved working with George, Eamonn and Michael to place collectively the MBO.”
The Company Lending workforce at Shawbrook Financial institution supported the brand new house owners with a finance bundle for the change of possession.
Oliver Sutton, director at Shawbrook’s company lending workforce stated: “ We labored carefully with them to know the enterprise, their various buyer base and impressive plans for future progress. Thrilling occasions lie forward for Titan, an excellent enterprise with a 45-year historical past of excellence.”