Sky High Ambitions for Ceiling Firm

13th September 2006

Bootle based interior fit-out specialists MG Ceilings and Linings Ltd, has undergone a management buy out with backing from the Merseyside Special Investment Fund (MSIF).

Established in 1985 by Peter Withenshaw, Harry Pitt and Colin Adshead, the company has built up an impressive portfolio of clients including blue chip organisations such as Siemens, BBC, Costain and Keir Construction, along with leading leisure organisations, Aintree Racecourse and Liverpool and Everton football clubs.

In May 2004, Adrian Pitt, son of Harry, seized the opportunity to become a major shareholder in the business bringing with him a wealth of experience within the Interior Contracting and Engineering Industries into the business.

With support from MSIF’s Small Firms Fund, Adrian decided the time was right to complete the purchase of the company and take it to the next stage of development. Adrian is now Chairman of the company with Colin as Managing Director. Directors Harry Pitt and Peter Withenshaw remain closely involved with the company.

MG Ceilings secured a £75,000 loan from MSIF’s Small Firms Fund alongside a NatWest Bank loan and Directors’ own investment enabling Adrian to go ahead with the deal. Adrian says:

“MG Ceilings has built up a strong reputation and thanks to the MSIF, I am now looking forward to taking the business to the next level. We will develop the relationship with our established clients and are keen to strengthen our client portfolio further.

“Turnover is £3.5m per annum and our goal is to increase this to £5.5m over the next three years. This will also be achieved by investing in high calibre employees over the forthcoming years.”

Paul Humphray, Investment Manager of MSIF’s Small firms fund said, “MG Ceilings and Linings is a family business with a proven track record, they have enjoyed significant success in the past and through enabling this buy-out, we hope to see even more success in the near future”.

Since the investment Adrian has also formed a new division called MG Workspace Solutions Ltd which offers full interior design and contracting service for clients wishing to relocate their business or refurbish their existing space.

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For further information contact Angela White at Merseyside Special Investment Fund on 0151 236 4040

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Picture shows - L-R – Adrian Pitt (Managing Director, MG Ceilings & Linings) and Paul Humphray (MSIF)

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