RBS backs management buy-out at Fife sheet metal manufacturer
Fife-based precision sheet metal manufacturer, Fife Fabrications, has secured a seven-figure funding deal from Royal Bank of Scotland to assist the company in undertaking a management buy-out.
The company will now be owned and operated by its four remaining directors John Penman, Craig McIntosh, Steven Smith and Roberto Morris, after they were supported by RBS to purchase the business from majority shareholder, Archie Smith, upon his retirement.
As well as the recent funding support, RBS has also assisted the company in creating and implementing a three-year business plan. The strategy focuses on employee development and an ongoing commitment to investing in cutting-edge technology.
Ben Honeyman, relationship director at Royal Bank of Scotland, said: “It has been rewarding to work with a company so invested in its people and customers. An active member of Developing the Young Workforce, Fife Fabrications provides ongoing support for apprenticeships and skills development in the area. The business has an extremely positive impact on its local community and we wish the team ongoing success.”
John Penman, director of Fife Fabrications, added: “Fife Fabrications is dedicated to being at the forefront of advanced precision sheet metal manufacturing, not only in Scotland, but across the UK. The support from Royal Bank of Scotland has been invaluable in advising on our management buy-out, progressing our business plan, and ensuring we continue to add value for our customers.”
Fife Fabrications will be promoting the business under its new management at the upcoming Southern Electronics and Manufacturing trade show at Farnborough in the New Year.