A done deal at FCS
Who?
Fuel Conservation Services (FCS), a Cannock engineering company which has developed high-performance, energy-saving liners for users of furnaces, kilns and ovens throughout Europe.
Did what?
Has been sold to the company’s management.
What does this mean?
The management buyout – for an undisclosed sum - was led by managing director Mike Myatt, who has been with the business since 1990 and has been responsible for recent technical developments leading to new product ranges. External funding was provided by Venture Finance.
Who advised?
Haines Watts and fbc Manby Bowdler advised on the deal.
Insider comment:
FCS employs 15 staff. For the year to 31 October 2008 - the latest for which accounts are available - FCS had £86,860 in tangible assets.
Myatt said “We are well placed to continue to meet the needs of the UK market. Export markets account for nearly 15 per cent of our output, involving installation work throughout Europe and the Middle East. We also distribute our specialist lining products through European and Turkish agents.”
