NTR Limited, a tooling reclamation and precision engineering company, has been acquired by its newly appointed Managing Director.
The deal, which safeguarded the jobs of all 21 employees of the Wetherby-based firm, saw MD Chris Weeds backed by a group of Yorkshire-based entrepreneurs as he took a controlling interest in NTR.
As part of the transaction, completed for an undisclosed sum, the former Managing Director of Huddersfield-based Sellers Global Engineers, ex-banker Martin Allison, will lead a board of new investors who will work alongside existing Director Craig Naylor.
Andrew Thompson and Howard Smith, from the Leeds office of professional services firm KPMG, advised Craig Naylor, who was further supported by Alison Morfitt and Matthew Rippon from law firm Particular Legal.
Advisors for the new investors, meanwhile, included Graeme Allison from Rosedale Advisory and Kaira Clarehugh from Clarion Solicitors.
Craig Naylor said: “NTR is a well respected local business with a loyal workforce and an unrivalled reputation for producing high-quality tooling that is used by engineering firms throughout the world.”
MD Chris Weeds commented: “We are delighted to have concluded this investment which preserves the future of tool reclamation at this long-standing Wetherby business and enables an exciting future for the business.”
NTR’s new executive chairman, Martin Allison, said: “This deal secured further investment into the business which is great news for both NTR’s employees and agents and the company’s very loyal client base.
“NTR has been at the forefront of the tooling reclamation industry for almost 40 years, and this deal means the company can look forward to an exciting future.”
He added: “As a UK exporting manufacturer NTR, like its peers, is vital to the future of the British economy which is why we are investing in it and Wetherby.”
Founded in 1979, NTR has customers across more than 10 countries, including France, Germany, Poland, Switzerland, Italy, Finland, Sweden, South Africa and Singapore.
22nd July 2016