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12 AUGUST 2022 AL CIRCLE

Alcomet registers management buy-out worth US$2 million assisted by Barclays

EDITED BY : MAYURAKSHI GANGULY 2MINS READ

There have been reports of a management buyout costing US$2 million in Alcomet, the UK's component provider to the electricity transmission and distribution market. The founder of Alcomet, Gary James, hosted the session while declaring his separation from the brand. Chris Beasley, the managing director, has been entrusted with the massive responsibility of running the company.

Alcomet registers management buy-out worth US$2 million assisted by Barclays , Alcircle News

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Alcomet was first conceptualised 25 years back to supply stainless, steel, copper alloys and aluminium, but gradually the company has incorporated the provisions to make electric metals and components that can be transported all around the UK substation and energy sector. The company operates hand in hand with distribution network operators, transmission network providers and associated contractors.

This entire management buyout process was seconded by Barclays, a British multinational universal bank.

Mr Beasley, the managing director, commented: "I started with the company 14 years ago and have seen the diversification with my own eyes. I take great pride in continuing the growth of the company. We are all very excited about the future of Alcomet."

"The transaction marks the next milestone for the business as the new leadership team introduces new ideas and ways of working while retaining what has been successful in the past," he praised the recent change and sounded very positive.

"We are well positioned within a growing market, with a loyal client base and can use this investment to secure our future, retain valuable local jobs and grow the business," he added.

"We will continue to invest in staff training, product development and new technology to allow us to maintain our position as the market leader," Mr Beasley said as he has already been planning for future endeavours.

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Elizabeth Wheatley, who is the appointed Relationship director, quoted: "By really understanding the sector and the individuals involved, we have been able to create a funding package to support the business throughout the buyout. The management team has wanted to complete the buyout for a number of years and are chomping at the bit to drive the business forward, supported by a loyal and skilled workforce."


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EDITED BY : MAYURAKSHI GANGULY 2MINS READ

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