One of Scotland’s best-known plant hirers is stepping back from the industry after selling the business to its management team.
Tom Blackwood of Ayrshire firm Blackwood Plant Hire has sold the business for an undisclosed sum to a management buy-out team led by sales director Paul McCormack and plant manager Allan Wilson.
Mr Blackwood, who bought the Stewarton-based operation from his father Tom Snr. in 2001, intends to concentrate on expanding his decorative aggregates business into a garden and visitor centre but will retain a 10% stake, continue in a two-year consultancy role and serve as chairman at the plant hire business.
He is stepping aside at a time when turnover for 2016/17 is expected to hit £18.5m (£14.8m in 2015/16) accompanied by a rise in pre-tax profits from £1.2m to £1.7m.
Paul McCormack joined Blackwood in 2008 and Allan Wilson has been with the business since 2003.
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Article posted 1/5/2017