An electrical supplier based in Scarborough has been acquired by its branch manager in a management buyout.
The Electrical Network has been taken over by Mike Pearson in a deal that provides an exit for Edward McVey and Graeme Doherty.
The company, which employs eight people and has a turnover of £2.3 million, supplies electrical contractors, local authorities and healthcare trusts with equipment such as safety devices, light fittings, switchboards, showers and extraction fans.
Pearson was advised on the buyout by Christian Hunt and Andrew Gawley of LangleysSolicitors and Phil Dibbs at Hawkmoor Associates.
On the buyout, Dibbs said: “I have been with The Electrical Network since its formation eight years ago, during which time I’ve been a store and branch manager, so I know the company inside out.
“We are well known for the quality of our service and this has enabled us to build a large customer base. People come to us with an electrical problem and we have the skills and experience to provide them with the best possible solution.
“My plan going forward is to expand the business with new outlets in Yorkshire and the North East.”
Hunt added: “We were delighted to help Mike achieve his ambition of taking over the business. I’m looking forward to seeing the company go from strength to strength under his ownership.”