Clydesdale Bank funds multi-million pound management buy out

11/06/07

Clydesdale Bank, Scotland's best-performing business bank, has funded a multimillion pound management buy out of a Scottish fire-fighting equipment manufacturer.

Cumnock-based Emergency One is one of only six companies in the UK that designs and manufactures pumps and other specialist fire-fighting equipment for Fire and Rescue services across the country.

The company's new management team will include joint managing directors Mike Madsen and Willie Burns, and production director Robert Wells - who have a combined 38 years service at Emergency One.  Frank Moran, the company's founder and existing managing director, will continue to be involved with the business.

"Emergency One is an extremely important specialist company.  Not only is it one of the largest employers in the area, it also maintains and services fire-fighting equipment for local authorities and trains firefighters to use the equipment," said Jack Ogston, head of Clydesdale Bank's Specialist Acquisition & Finance Scotland.

Mike Madsen, joint managing director of Emergency One, added:

"This deal will help Emergency One to continue with its growth strategy and secure the future of the company and our people, while at the same time bringing an exciting new element to the team," he said.

"Supporting local indigenous businesses - from nurturing and supporting their ambitions, to raising finance and helping them to meet growth plans - is something that Clydesdale Bank is fully committed to and we recognise the value that supporting companies like Emergency One brings to the area," concluded Jack Ogston.