Construction firm JDP Contracting Services Ltd has undergone a management buyout, planned to aid expansion into South Yorkshire and the East Midlands.
The County Durham-based firm was bought by current managing director Chris Hyde, for an undisclosed sum.
Mr Hyde was supported by Tait Walker Corporate Finance, UK Steel Enterprise and HSBC.
Steve Plaskitt and Adrienne Paterson of Tait Walker Corporate Finance led the deal with working capital from HSBC.
Mr Plaskitt said: “It is great to see a manager have the opportunity to buy his business and I was delighted to be able to source the funding to enable Chris to fulfil his ambitions. The construction sector in the UK is continuing to rebuild itself and I believe UK Steel will be a great supporter that will allow JDP to expand, create jobs and enter new markets.”
Sarah Thorpe, of UK Steel Enterprise, added: “It is a sign of our confidence in the company, its management team and its advisers that we have made a significant equity investment to back this management buyout. Our remit is to support businesses with the potential to grow and create jobs and we are sure that JDP is looking ahead to a strong and successful future.”
Chris Hyde thanked Tait Walker for their support in a move which had caused “minimal disturbance” to the business.
He said: “We have a healthy pipeline and customer base at present and, as the construction sector steadily continues to regain confidence, we are really positive about what the future holds for the business.”
JDP has been trading for 20 years and employs 30 people from its Newton Aycliffe base.
The firm services customers across local authorities, registered providers and contractors throughout the North East.