HMT acted as reporting accountants to HBOS in the management buyout of Goodfellow Cambridge Ltd for £9.3 million.
Goodfellow, established in 1946, supplies metals, polymers, ceramics and other materials to meet the research, development and specialist production requirements of scientific institutions and industry worldwide. The company employs approximately 40 people principally at the research laboratory, workshop facilities and head office based in Huntingdon, Cambridge. The Goodfellow Group also has subsidiary operations in France, Germany and North America.
For the year ended 30th June 2003, Goodfellow Cambridge Ltd achieved revenues of £6 million with pre-tax profits of £1.4 million.
“The MBO of Goodfellow was an interesting transaction in a fascinating niche market. The buyout will give the strong management team the freedom to implement its exciting plans for the future.”