Meek Group bought out

Exclusive by Ian Brown and Keren Sall

Bristol-based Meek Group has been bought by Paul Cummings, the former industrial services director at Vibroplant, and Kevin Gale who was previously at Invensys in a financial and development role, for £20 million.

Financing for the management buy-in was provided by 3i and Barclays Bank.

Cummings takes over the mantle as incoming managing director and Gale as finance director respectively.

Founder and owner of Meek Group, David Meek, along with his wife Susan will continue to advise the new management on a consultancy basis for 18 months.

Meek will also retain a seven-figure sum financial interest in the company.

Meek said: Cummings and Gale approached us and they fit very well with the company since they want to double it again in Size. Equally important to me was the fact that they would retain the existing employees.

While the sale of Meek Group surprised some in the industry, Meek said he had been approached several times over the years but had decided to sell now he had found the right buyers. "Plus, I am 58 in January and I think it is time for me to pack up my bags and enjoy life."

The new management said they planned to grow the company and to eventually float it on the Stock Exchange.

"We plan to maintain the quality of the business moving forward whilst expanding from its present base. Meek has a very strong brand recognition built from its focus on customer service and employee development. We believe that these facets are absolutely key to the business," said Cummings.

Andrew Pirrie of Pricewaterhouse Coopers who advised the management team on the transaction said: "The new management team has a superb opportunity to build on the success of David Meek's business to date. The company has a very strong position having enjoyed substantial investment during the last five years.

The Meek Group turned over sales totalling £9.3 million in 1998.