Co-op Bank backs MBO
Article Date: Feb 13 2009Cheshire-based project management company Projen has been bought by its managing director in a deal backed by The Co-operative Bank.
John Taylor will take the role of executive chairman following the management buy-out (MBO) as Martin Seabrook, who has worked for Projen for five years, replaces him as MD. Other members of the executive team include operational director Tony Lea, business support services director David Elliott, and finance director Marcus Royle.
Long-standing directors John Poole and David Moss retain a smaller stake in the company following the MBO.
Projen ‘underwent extreme scrutiny’ in order to secure the ‘multi-million pound’ funding for the deal, according to the company. Advisers on the deal include Clearwater Corporate Finance, law firms Aaron & Partners, Lockett Loveday McMahon and Hill Dickinson, with BDO Stoy Hayward providing due diligence for The Co-operative Bank.
