Keith Gilbert, Andrew Spiers and a cross-service team at Freeths LLP have advised the management team on the acquisition of Harrison Castings.
Harrison Castings is the largest aluminium sand foundry in the UK, employing 95 staff and producing over 1,500 tonnes of castings each year. After 108 years of family ownership, Mick Jenney and his co-directors Carly Kicks, Adrian Burton and Lee Webster have led a management buyout of the company.
Mick Jenney said: “All parties see this as a great opportunity for Harrison Castings to maintain its position as one of the leading aluminium sand foundries in the UK. The company has invested heavily in recent years and we are delighted that this next step will enable the company to have a bright future, continuing to supply precision engineered components to all its valued customers in the UK and around the world.”
Welcoming the change of ownership, Robert Harrison said: “Our customers will know that Mick and his team have been successfully running the business for a number of years and with no future family involvement on the horizon we viewed this as the best possible outcome for the future of the business, our customers and employees.” Peter Harrison concurred: “We would like to take this opportunity to thank all of our customers and suppliers who have supported our business over many years. We wish Mick and the other directors continued success.”
Keith Gilbert, corporate partner at Freeths, said: “We were delighted to work alongside Mick, Carly, Adrian and Lee. We congratulate Robert and Peter Harrison and look forward to seeing Harrison Castings continue to thrive under the management team.”
Mick added: “The management team knew that we needed to have the right advice and support to enable the buyout to run smoothly, picking the legal team to represent us was top of our agenda. From our first meeting with Keith and Andrew it quickly became apparent that Freeths were that team. Throughout the process the help and advice we received was first class and the work carried out by Keith and Andrew and the rest of their team was excellent, we can’t thank them enough.”
The management buy-out of the respected Leicester headquartered business was supported by lawyers all based in the City of Leicester; as well as the Freeths team who advised management, Knights plc advised the Harrison family and Howes Percival LLP advised HSBC UK Bank plc.