Clive Owen LLP

19/08/21

Teesside based KASL Engineering Group has acquired specialist engineering design business Ardmore Craig as part of its ambitious growth strategy.

The Group’s second engineering acquisition since owner Mike Styan took over in February 2020, it forms part of the KASL Group’s ‘buy and build’ approach.

Ardmore Craig is a leading supplier of offshore engineering solutions, focussing on design and engineering projects for key blue-chip clients.

Andy Stevenson, the founder of Darlington-based Ardmore Craig, will remain with the business as Managing Director and play a key role in its ambitious growth strategy.

Mike has a proven track record within the sector and alongside Andy’s significant experience the company has already won a number of key contracts since the transaction was completed. This includes securing its largest contract to date – a design and build project concerning an offshore carousel for use with subsea cables and telecoms and a loading arm to be used with the system.

The carousel and loading arm will be manufactured in Teesside utilising Ardmore Craig’s proven supply chain as the business looks to increase the size and scope of projects which it undertakes.

KASL Engineering Group is a multi-disciplined Engineering group comprising of complimenting companies in the engineering sector, from Engineering Design, Operational Support, Commissiong and Decommissioning Services through to Bespoke Precision Manufacturing.

Clive Owen LLP corporate finance director David Wilson advised on the acquisition.

NPIF-FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund provided a six-figure growth capital investment to support the projected growth of the Group.

Mike Styan said: “Ardmore Craig is a perfect fit for KASL Engineering Group and Andy will be a key component in our growth strategy. The business fits perfectly into our group and adds massively to our design and build capabilities. I’m very much looking forward to working with Andy as our philosophies and visions for the business and the larger group are aligned.

“David, who was involved in the sale of my previous business Prosafe Engineering and the acquisition last year of KASL Precision Engineering, gave his usual sound advice and played a key role in getting this deal completed.

“I am looking forward to the challenges ahead as we pursue our future plans, and I am in no doubt we will continue to work with David and the team at Clive Owen LLP.”

David Wilson, corporate finance director at Clive Owen LLP, said “It was a pleasure to work with Mike, Andy, Keith and Rachel at FW Capital. Mike has a clear vision for the future to grow the Group, which is demonstrating great success and with Andy supporting I am certain it will continue to go from strength to strength.”

The investment was facilitated at FW Capital by Deputy Fund Manager, Keith Charlton and Assistant Investment Executive Rachel Smith.

Keith said “Andy has built a team of experienced engineers at Ardmore Craig which, combined with Mike’s successful track record, will enable this business to go from strength to strength. It was a pleasure to be able to help them complete this deal.”

Rachel added “This is a very exciting time for the KASL Group, and the acquisition of Ardmore Craig aligns well with their growth plans. I’m delighted that our investment will help to support this growth.”

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

ENDS

Notes to editors:

Clive Owen LLP are Chartered Accountants and Business Advisers, based in Darlington, Durham and York.

The firm has 12 partners and more than 100 staff across 3 offices in Darlington, Durham and York.

It is an independent and commercially driven regional accountancy firm providing value added services to corporate, commercial, public sector and private clients.

Over the past thirty-seven years the firm has established itself as one of the largest and most trusted professional firms in the North East. This has been achieved by working closely with its clients to understand their needs and aspirations to ensure they achieve their financial goals.

Its services include:

Audit and Accountancy

Tax

Business Planning

Managed Services

Corporate Finance

Grants

It is a member of Kreston International Limited which is a worldwide network of independent accountancy and advisory firms.

Founded in 1971, Kreston offers reliable and convenient access to high-quality services through member firms located around the globe. Currently ranking as the 12th largest accounting association in the world, Kreston now covers 125 countries providing a resource of over 25,000 dedicated professionals.

This global network can be of huge value to our clients who can benefit from enhanced research coverage, local market knowledge, and cross-border professional expertise

About The Northern Powerhouse Investment Fund

• The Northern Powerhouse Investment Fund will invest in Microfinance, Business Loans and Equity Finance sub-funds which will offer financing ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.
• The Northern Powerhouse Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity.
• The Northern Powerhouse Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.
• The NPIF covers the following LEP areas: Tees Valley Combined Authority, Greater Manchester, Cheshire and Warrington, Cumbria, Liverpool City Region, Lancashire, Hull and East Yorkshire, Leeds City Region, Sheffield City Region, and York & North Yorkshire
• The project is receiving up to £140,359,192 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding.
• The funds in which Northern Powerhouse Investment Fund invests are open to businesses with material operations, or planning to open material operations, in, Yorkshire and the Humber, the North West and Tees Valley.
• The British Business Bank has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). The guide, which impartially sets out the range finance options available to businesses and provides links to support available at a regional level, is available at www.thebusinessfinanceguide.co.uk/bbb