MBO complete at Border Oak
Border Oak Design and Construction, based in Leominster, has undergone a management buyout after securing a funding package from the Royal Bank of Scotland worth £870,000.
RBS developed an "innovative finance solution" in order to facilitate the buyout, which included a £750,000 capital funding facility.
The family business was run by John Greene and brother-in-law Mark Hicks since it was established in 1980, until Hicks’ retirement in 2009.
Remaining shareholder Greene then approached RBS’ commercial team in Hereford to discuss a a buyout of Hicks' share of the business.
The company, which specialises in oak-frame design and fabrication, employs 130 people and has an annual turnover approaching £10m. It has also featured on Channel 4’s Grand Designs.
Greene, who now jointly owns the business with his wife Patsy, said: “It’s been a time of real change for the business, with Mark deciding to move on after 30 years in partnership together. In some ways it has encouraged us to re-evaluate every part of the business and reassess our individual roles within the company.”
