Buy-out at automotive engineering firm Titan
- Credit: Titan
A management buy-out at St Neots engineering firm Titan has taken the chequered flag.
Titan started life as a motorsport racing team but has evolved into a mainstream automotive engineering business over the last decade and is now a leading supplier of components to high performance vehicle manufacturers as well as developing complex steering technology for advanced vehicles.
The move at the firm, which employs 80, follows the retirement of Oz Timms and Diana Thomas after 40 years and the transfer of ownership to a new shareholder team of George Lendrum, Eamonn Byrne and Michael Sheridan, all of whom have been with Titan for several years.
The firm said this meant a seamless transition with no disruption to staff, clients and stakeholders and that they were looking to a "dynamic and exciting" future.
George Lendrum, chief executive, said: “The change of ownership at Titan is a significant milestone for the business.
"Oz and Di deserve much respect for the way the company has developed, and we will continue along the same path which we have overseen in recent years."
He said: "At present, there are many exciting and innovative projects going on in the automotive sector, and Titan has worked diligently to be part of the electric revolution as a supplier of innovative power-assisted and autonomous steering technologies.
- 1 Fresh wave of Camp Beagle protests as vans arrive at Wyton complex
- 2 Passengers 'thrown from seats' when train sped through Peterborough
- 3 Meet the volunteers making a difference for Ukrainians in Huntingdonshire
- 4 REVEALED: The 'gang of five' who want Dr Nik Johnson gone
- 5 New mayor of Huntingdon unveiled at annual town council meeting
- 6 Rush hour rail disruption between Peterborough and London
- 7 Platinum Jubilee: 100-person laser tag tournament in woods near Huntingdon
- 8 Caught on camera the moment an otter came up for dinner
- 9 Suspected sleeping driver with child on board stopped on A1(M)
- 10 Exclusive look at photograph taken at RAF Warboys from IWM's new The Royal Family in Wartime book
"The company is also diversifying its offer into adjacent scientific markets requiring similar manufacturing services."
Lake Falconer, partner at PEM Corporate Finance, said: “Titan is a great business at the cutting edge of electric and autonomous vehicle technology and with strong motor racing heritage. This deal secures management and ownership succession and we’ve enjoyed working with George, Eamonn and Michael to put together the MBO.”
The Corporate Lending team at Shawbrook Bank supported the new owners with a finance package for the change of ownership.
Oliver Sutton, director at Shawbrook’s corporate lending team said: “ We worked closely with them to understand the business, their diverse customer base and ambitious plans for future growth. Exciting times lie ahead for Titan, a brilliant business with a 45-year history of excellence.”