Stripes Solicitor advises on MBO at metal manufacturers HQC

Stripes Solicitors Corporate and Commercial Team recently advised management of HQC Limited, the metal enclosures and components manufacturer based in Merseyside, on a management buyout. Steven Lindsay of accountants, CLB Coopers, provided Corporate Finance advice.

The management team, led by newly appointed Managing Director Eoghan McTiernan, Finance Director Sheila Bowden and Operations Director Peter O’Neale, took control of the business on 7 March 2011, with the full and ongoing support of the departing shareholders.

Equity financing was provided by an investor consortium led by APW Manufacturing Solutions and Greenfold Partners, while debt finance was provided by Lloyds TSB Corporate Banking, Liverpool.

HQC Limited provides metal enclosure and assembly services to some of the world’s leading players in the telecoms and data networking industries in Europe and North America.  The company began trading in 1986. Turnover is currently approaching £4m and around 60 staff are employed at their premises in Haydock.

Eoghan McTiernan said: “HQC has come through the downturn relatively unscathed and is in an excellent position to expand its services globally.  With the help of our new investors, HQC will become a truly international service provider that both its customers and staff can be even more proud of.”