Legal team give good advice in steel buy-out

Sep 19 2007 by Iain Laing, The Journal

LAW firm Watson Burton has advised the selling shareholders of Barrett Steel Buildings Limited during a management buy-out.

The Newcastle firm has worked with the investors throughout the sale of the £25m turnover Bradford company which specialises in the design and building of steel structures nationwide.

The management buyout was led by John Brennan and Sue Sharples who will be, majority shareholders and joint managing directors of the new company. They plan to continue to grow Barrett Steel Buildings, and are hoping to win contracts as part of the preparation for the 2012 London Olympics.

Watson Burton corporate partner Andrew Walker led the legal team for the selling shareholders of Barrett Steel Buildings. He has advised Barrett Steel Buildings Limited and its sister company Barrett Steel Limited, the national steel stockholding group, for more than 14 years.

Mr Walker said: “This is a timely, well planned move for the company, which will continue to work closely with Barrett Steel. The co-operation of all parties involved helped to close the transaction speedily and effectively. The experienced senior management team of Barrett Steel Buildings and the commitment of the Barrett Steel Group will underpin future success.”

Sue Sharples, joint managing diector of the new company, said: “The selling shareholders, who are also directors of Barrett Steel Limited, were keen to transfer the business to the current management team and we are delighted to say we have their full support. The directors of both companies plan that the close working relationship between the two companies will continue.”

Richard Barrett, formerly a major shareholder, becomes non-executive chairman of Barrett Steel Buildings new holding company for two years to aid the smooth transition of the business to its new ownership.

He said: “I appreciated the advice from Andrew Walker and the Watson Burton team, whose organisational ability, understanding of our work and technical skills undoubtedly helped us throughout this transaction.”

KPMG Leeds also advised the selling shareholders.