A DUNDEE-based shopfitting firm has completed a seven-figure management buyout thanks to a funding package from the Royal Bank of Scotland.
Contracts manager Bruce Donnachie and his wife, Gordana, are the new owners of Primero Contracts following the planned exit of long-term managing director Frank Ward and his wife and fellow director, Stephanie.
The company, which was founded in 1993 by Ward and the late Kevin Knox, employs more than 40 people and offers a full range of interior fit-out services to a host of major clients.
Since the management buyout, Primero Contracts has employed a new contracts manager and is looking to further expand the workforce in the months ahead.
The acquisition was supported by Tayside and Fife firm EQ Chartered Accountants and law firm Ennova Law. EQ has now been appointed as the company’s full-time accountants and tax advisors.
Bruce Donnachie said: “Following the successful management buyout of Primero Contracts, we are entering an exciting new era for the company.
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“Throughout my time as contracts manager, I witnessed the business grow from strength to strength under Frank and Stephanie’s leadership, and we look forward to building on that positive momentum.
“We are extremely lucky at Primero Contracts to have a fantastic mix of dedicated employees and loyal clients, creating a strong opportunity to drive further growth for the business.
“I’d also like to extend my gratitude to Royal Bank of Scotland, EQ Chartered Accountants and Ennova Law for their sound advice and support throughout the process.”
Ken Anderson, relationship director at Royal Bank of Scotland, said: “We’d like to congratulate Bruce and Gordana on this exciting milestone for the company.
“Primero Contracts is a fantastic local business and it has been highly rewarding to support on the management buyout.
Bruce and Gordana intend on leading the new management team to realise further growth for the business. While continuing to build on strong relationships with existing clients, the team will also be pursuing new clients and exploring and diversifying into the property development and house building market segments.
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