UK Steel Enterprise (UKSE) has provided financial backing for a management buyout (MBO) of Wishaw-based asbestos removal firm, Specialist Building & Asbestos Services (SB & AS) Ltd.
UKSE, the Tata Steel subsidiary set up to assist growing companies in traditional steel-producing areas, has backed the Lanarkshire business with a six-figure loan and equity funding package. Managing director Robert Stevenson, spearheaded the MBO, purchasing the company from its previous owners who were retiring.
Founded in 1973, SB & AS Ltd, has become one of the leading asbestos assessment, removal and disposal consultants in Scotland. Servicing local authorities, major construction companies, the rail infrastructure sector and educational institutions, the firm is now one of only 12 fully licensed asbestos removal companies in the country.
Robert Stevenson previously worked with the former owners on a consultancy basis when initial talks to purchase the business began four years ago. Now at the helm, Stevenson aims to maintain the momentum the business has achieved since its inception and grow the surveying services of the business in accordance to the recent CL:AIRE regulations in regenerating contaminated land site for re-use.
Since Robert joined SB & AS, staff numbers have increased significantly, from four employees to 16, with the business heavily investing in staff training and specialist equipment to increase knowledge, experience and aid the various asbestos removal processes.
Robert Stevenson said: “Because the asbestos sector runs on very strict licencing regulations, it made sense to take over an already registered, experienced and well respected business, rather than set one up from scratch.
“My background is in the analytical side of both the geotechnical and contaminated land fields, so we expect this to be a growth sector for the business working across Scotland and the UK.
“Working with UKSE has been superb. From the beginning, their knowledge and business advice has been excellent and being able to secure vital funding meant the deal went as smoothly as possible. They have been fundamental to the buyout and we look forward to our continuing relationship.”
Scott Webb, regional executive for UKSE, said: “SB & AS is a solid business with an excellent reputation in the asbestos removal sector. The MBO will allow Robert to put his plans in place, focussing on additional recruitment and business growth.”