Ayrshire group engineers management buyout with £4.5m Barclays funding

Jamie Grant of Barclays, which has provided a funding package to support Precision Tooling & Castings' management buyout. Picture: Neil Hanna
Jamie Grant of Barclays, which has provided a funding package to support Precision Tooling & Castings' management buyout. Picture: Neil Hanna
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An Ayrshire manufacturing group has undergone a ­management buyout (MBO) after securing £4.5 million in funding, as it aspires to ­introduce new technologies and drive growth.

Precision Tooling & Castings, which incorporates three manufacturing businesses, is under new ownership following a finance package from Barclays.

Peter Currie will become managing director following the MBO. Picture: Contributed

Peter Currie will become managing director following the MBO. Picture: Contributed

The deal – a combination of invoice and asset finance and term and property loans – has allowed group operations manager Peter Currie, group technical manager Brian Taggart, financial director David Armour and production manager Gary Brese to buy a majority share from the ­current shareholders.

Under the MBO, Currie will step up to become the new managing director, with ­Taggart and Brese stepping up to director level.

The group also plans to invest in staff development and improve its service and technologies.

Trio of businesses

Precision Tooling & Castings is the holding company incorporating Glen Foundry ­(trading as Anderson Stewart Castings), Precision Tooling Services and Advanced ­Manufacturing Centre.

Glen Foundry employs around 70 staff and produces specialised castings for ­automotive and oil and petrochemical clients.

Precision Tooling is based at the Prestwick Airport ­aerospace park and also houses around 70 staff, manufacturing machined components for the aerospace, automotive and energy industries, while Kilmarnock-based Advanced Manufacturing Centre ­supplies engineering services to the aerospace, automotive, nuclear and rail sectors.

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Currie said: “The management team at Precision Tooling & Castings has a strong understanding of our ­customers’ needs and the many strengths existing ­within our business.

“With the support of Barclays, the MBO allows us to invest in developing our workforce, services and technologies even ­further.”

The ­Barclays deal team was led by corporate development director Iain Duff and supported by relationship director Stuart McAleese.

Jamie Grant, head of ­corporate banking for ­Barclays in Scotland, added: “With plans to grow the ­business and expand the ­engineering practices offered, this is an exciting time for ­everyone involved.

“We are pleased to have been instrumental in realising the next chapter of this diverse company which is a key employer in the engineering and aerospace sector in Ayrshire.”