Check in to see the latest articles and press releases from the Forward team.
10th December, 2019
Forward Corporate Finance is pleased to announce the purchase of Essex-based Maycast-Nokes by its management team Steve Wallings (Managing Director), Dave Blower (Sales Director) and Derek Redgwell (Finance Director). Forward acted as lead advisor to management, acquiring the business from Colin and Lyn Richer, who themselves have owned the business since 1985.
With history dating back to the 1950’s when it was known as Evans Foundry, Maycast-Nokes is a leading manufacturer of high-quality precision castings. The company is proud of its position as one of the most comprehensive, single-site suppliers of non-ferrous castings in the UK. Operating from a modern site in Halstead, Essex the company is fully equipped with the latest technology to produce machined investment castings, precision sand castings and gravity die castings of the highest standard.
The company’s success over the past 50-plus years has been as a result of responsible, sustained continual growth, and today, the company employs 129 people. The company has a strong ethos of supporting apprenticeships. In 2016 they became the first foundry to be listed in the top 100 national apprenticeship employers list, and in 2018 reached the UK finals of the National Apprenticeship Awards in recognition of its long-term commitment to skills training, both in the East of England region as well as the UK foundry industry.
Commenting on the transaction Steve Wallings, Managing Director said, “Forward have been beside us all the way through this transaction, explaining how it works, answering our questions, as well as obviously raising the funding for us. They have been practical, open and have given us the confidence to take this leap from employees to business owners.”
Rob Dukelow-Smith, Forward Corporate Finance Director said, “This is exactly why we do this job, so we can deliver transactions like this. This is a great result for everyone and keeps a local business in the ownership of its employees. It has been a pleasure to work with Steve, Dave and Derek and we wish them every success, now as business owners.”
Legal advice for the management team was provided by Sarah Ilic at Taylor Vinters, and for the vendors by Matthew Boardman at Churchgates.