Over the past three years ABG has followed a bold growth strategy and the management buyout
puts ABG into a strong position to continue building upon that success.
Seabrook, which was formed in 1945 by Charles Brook and his son Colin, will continue to be led by chief executive Johnathan Bye, who led the management buyout
The reunited management buyout
team, who successfully founded and grew the business, consists of current managing director Jeremy Keane, ex-HR and finance director Joanna Stewart and founder and former CEO Paul Roberts.
The largest management buyout
so far this year was of Rivo Software, a company which develops computer software in the West Midlands.
However, in December Glynn left the company after just a year following an attempted management buyout
Our understanding of their objectives, and the business, led us to agree that a management buyout
was the most appropriate solution for all concerned.
There were many interested parties but they pulled gradually out, as a result of which a management buyout
remained the only option.
The leader of the management buyout
team released a bullish statement on Friday insisting that LDV could be saved followed doubts earlier in the day that any buyout deal could be reached.
Intensive talks over the company's future which went on throughout the weekend failed to secure a breakthrough, but the leader of the management buyout
team said he was "hopeful" a solution would be found.
Erik Eberhardson, who is leading the management buyout
, said important steps would be taken over the next few days to ensure the success of the management buyout
, which has to take place to secure the funding of the business.
But the impact of aggressive debt pricing following the credit crunch was clear in the second half of 2007, with only one pounds 100m plus deal - the pounds 255m management buyout
of Wigan-based Ainscough Crane Hire.
which made headlines with its management buyout
plan to fend off any takeover bid in July, released its last financial results as a listed company Monday.