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Castle has ensured a bright future for its staff and clients following a management buyout (MBO), as two of its leaders exit the business.

The Hebburn-based construction company, which offers design services, principal contracting, MEP subcontracting, new builds, fit-outs and refurbishments, has seen significant growth since its incorporation in 2002 by founders Tony Lister and Allan Carr.

Under the management of the former board, Tony Lister, Allan Carr, David Harland, Simon Groom and Andrew Dawson, the company has grown to a turnover of more than £40m and is a tier 1 contractor in the industry in the North of England and Scotland.

The MBO follows the decision of Castle founder, Allan Carr, and shareholder, Dave Harland, to retire from the business and the remaining board members, CEO, Tony Lister, Managing Director, Andrew Dawson, and Technical Director, Simon Groom, agreeing to buy them out for an undisclosed sum.

Building on continued growth, the restructured board and senior management team has plans to increase the firm’s turnover and provide ‘business as usual’ service excellence to its customers.

Corporate purchase agreement advice was provided throughout by Tony Tomlin, director of Washington-based accountancy firm Debére, who structured the entire transaction and obtained relevant clearance from HMRC.

“Having worked with the Castle team for almost 20 years, it was a pleasure to advise them on this next step of the business’ journey, and see the MBO through from start to finish,” said Tony.

“We are delighted to have retained all parties as clients following the transaction, and we wish Allan and David all the best for their retirement, and CBSO all the success for the future.

“We’re looking forward to continuing to work with them and assisting them on their future growth plans.”

The buyers were represented by Chris Hughescorporate partner at Mincoffs Solicitors, and the sellers by Teesside firm, Endeavour Partnership.

“We were delighted to advise the management team on this buyout and deliver a successful result for all parties involved,” said Chris.

“The transaction marks a really exciting time for the business as the team embark on a new chapter and we wish them all the success for the future.”

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