A KILWINNING engineering firm has changed hands following a management buyout backed by Business Loan Scotland and regeneration body Team North Ayrshire, writes Scott Wright.
William Engineering, which manufactures stainless steel products for retailers, shop fitters and manufacturers, has been bought by its former general manager John Murphy. Mr Murphy set up Murphy Engineering – the new name under which the business will trade – earlier this year to facilitate the deal.
The buyout has allayed fears over the future of the company, which employs 12, after former owner Maureen Harrison announced her intention to retire. The deal is the first buyout to be assisted by Business Loans Scotland – a local authority consortium that provides loan finance of up to £100,000 to small and medium-sized business.
North Ayrshire Council leader Joe Cullinane said: “We are absolutely delighted to have been able to assist John with his bold and ambitious plans. Thanks to his determination it has allowed a successful firm to remain in business here in North Ayrshire and ensured job security for its hard-working employees. From meeting John and his team last week, it’s clear they all share his enthusiasm and passion for the future growth of the business.”
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