Wishaw asbestos removal firm secures management buyout
One of the few asbestos removal firms based in Scotland has changed hands following a management buyout (MBO).
The acquisition of Lanarkshire-based Specialist Building & Asbestos Services (SB & AS) Ltd was led by managing director Robert Stevenson.
It was backed by a six-figure loan and equity funding package from UK Steel Enterprise (UKSE).
The Tata Steel subsidiary seeks to help regenerate areas of the UK affected by changes in the steel industry.
Wishaw-based SB & AS is one of only a dozen fully licensed asbestos removal companies in Scotland.
Its offers asbestos assessment, removal and disposal services for local authorities, construction firms, the rail infrastructure sector and schools.
Mr Stevenson worked with the company as a consultant when initial talks to purchase the business began four years ago.
The MBO went ahead after the previous owners decided to retire.
Mr Stevenson said: "Because the asbestos sector runs on very strict licensing regulations, it made sense to take over an already registered, experienced and well-respected business, rather than set one up from scratch.
"My background is in the analytical side of both the geotechnical and contaminated land fields, so we expect this to be a growth sector for the business working across Scotland and the UK."
Scott Webb, regional executive for UKSE, said: "SB & AS is a solid business with an excellent reputation in the asbestos removal sector.
"The MBO will allow Robert to put his plans in place, focusing on additional recruitment and business growth."
SB & AS currently employs 16 people.