Endless LLP, the Yorkshire-based buyout and turnaround fund, has backed a management buyout of the heavy engineering business DavyMarkham to allow the company to re-establish itself in the heavy engineering market.
Endless has supported Kevin Parkin and Duncan Hay who have been acting as interim Managing Director and interim Financial Director respectively and who now take permanent positions on the Board.
In recent years, DavyMarkham has supplied large infrastructure products to projects such as the Thames Barrier, the Channel Tunnel boring machine, the Millennium Bridge and Heathrow's Terminal Five Control Tower.
Davy and Markham have a strong history in the South Yorkshire area, with both companies originating in the 1830s. They came together in a merger in 1997. DavyMarkham now benefits from a worldwide customer base, working closely with its neighbours Sheffield Forgemasters and Siemens VAI.
The £14m company employs 170 people in Sheffield and there are plans both to recruit more employees and launch an apprenticeship scheme to protect and develop skill levels for the future of the business and the region.
Endless also plans to finance the development of a new industrial park on the DavyMarkham site.
PMI falls as manufacturers feel the squeeze
17 months or two and a half years - which is it?