Salisbury Glass Centre Ltd
Meridian Corporate Finance LLP ("MCF") advised Mark Gower, Ian Paton and Chris Griggs
("the management team") on their Management Buy-Out ("MBO") of Salisbury Glass Centre Ltd("SGCL") for a total consideration of £5.5 million, thereby keeping the control of the business in the Gower family.
Formed in Salisbury in 1952 by Douglas Gower, Mark's Grandfather, SGCL is a leading UK
specialist window and door manufacturer and installer, winning many accolades including the Domestic Installer of the Year 1997, the Conservatory Installer of the Year 1998, the Commercial Installer of the Year 1999 and the Fabricator of the Year 2000.
SGCL is now a nationally recognised company with an annual turnover of over £10 million and a customer base that covers most of England and Wales producing 600 windows a week, 30 doors and 12 conservatories and approximately 2,500 double glazed sealed units.
Mark Gower assumes the role of Managing Director and together with Chris Griggs and Ian Paton they have over 65 years of experience with SGCL.
Commenting on the transaction Mark said "It was always my aim to buy the business from my brothers Paul and Steve. We are a family business, proud of our heritage and I would like to take this opportunity to re-assure our customers and suppliers that it is very much business as usual here at Salisbury Glass."
Mike Barcia led the deal for MCF, arranging funding from SGCL's bankers since inception, HSBC. Dan Salanson acted for HSBC with the management teams legal advice coming from Shoosmiths, for whom Steven Porter led the team.
Mark Gower added "I would also like to take this opportunity to thank our advisers. Dan and Steve for the help they have given us and in particular I would like to thank Mike Barcia without whom we would have been unable to complete the transaction."
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