Even without an engineering background, we all know machines need to be lubricated with oil, and where better to find a business based in oil, which is not in the Middle East, or in the North Sea, but in the heart of the Black Country being the birth place of the Industrial Revolution.
Midland Oil, has a national reputation for the production of its extensive range of high performance lubricants covering a wide range of application areas which cover almost any grade of industrial, metalworking or automotive lubricant. Richard Parry and Mark Hayes who have worked in Midland Oil for many years and have an intimate knowledge of the business, found it a natural step to take over the reins of Midland Oil when its founders were looking to take a step back.
As with any management buyout, knowledge of the business is important, but more than that, is the determination of a management team to continue the success and direction of the business and to build on what are firm foundations to take the business into new directions and continue to strengthen its core offerings.
When Richard and Mark decided to start their management buyout, they instructed Hawkins Hatton Corporate Lawyers. Colin Rodrigues of Hawkins Hatton said, “it is unusual to have a new client simply pick up the phone and decide to instruct our firm, as we have built a strong and reputable brand through reputation, which in turn, has led to repeat business from its professional network and clients. Richard and Mark did just that, made an initial call and the rest, as they say, is history.”
Richard and Mark said, “just like the oils we sell which are of different grades which do different things for different machines, having key advisors who you know you can rely on is a recipe for success. Being new to the world of M&A, everything is a school day, but you know you are in safe hands when you can talk to your lawyers in simple terms and get clear guidance.”
It is hoped that the management buyout which was funded by Cynergy with a £3.4 million facility will really help to boost the prospects of growth for Midland Oil in the next few years.
