Lilleson employee buys the business
A FAMILY-RUN engineering services business has been sold to a long-serving employee in a management buyout (MBO) deal.
Peter Lilleker, managing director of Rotherham-based Lilleson Engineering Services, together with his wife and business partner Carol Lilleker, have sold the company to Tony Wade and his partner Julie Mitchell.
The family-run business was established in 1984 by Peter’s father, Ernest Lilleker, as a manufacturer of electrical control panels and systems.
Since then the company has supplied control panels and systems all over the world, from hydroelectric plants in India to the roof of the centre court at Wimbledon, through its many clients.
Mr Wade, who has been with the company from the start, together with Julie Mitchell has bought the entire issued share capital.
“This is a great company, hence why I have remained here for so long. It is a new chapter in our lives and presents Julie and me with a great opportunity,” he said.
Mr and Mrs Lilleker will remain in a consultancy role with the company for up to 12 months before retiring. Mr Lilleker said: “It is difficult to believe that we started the business 34 years ago. Although my father is no longer with us, I am sure he would have been proud of the success we have achieved over those years.”
Neil Large, corporate partner at Lupton Fawcett, provided legal advice and assistance to Mr and Mrs Lilleker on the MBO.