Gordons advises Co-operative Bank on MBO of Harrogate-based Contract Natural Gas
Wednesday 2nd November 2011
Law firm Gordons has advised the Co-operative Bank over its funding of a management buy-out at the UK’s leading supplier of natural gas to small and medium-sized businesses.
The bank provided senior debt facilities to Harrogate-based Contract Natural Gas (CNG), who bought the 15-year-old business from the family of founder Colin Gaines.
Managing director Jacqui Hall, operations director Chris England and finance director Tim Jones now own a majority share in CNG which supplies businesses across the UK in sectors including leisure, retail, hospitality and residential care.
The company has annual revenue of over £60m and employs more than 50 people. It has become successful through offering gas supply solutions tailored to the needs of each customer.
Pete Sumners, business development manager with the bank, said: “This was an important and complex deal involving a new customer and it was essential that all aspects of the funding were put in place to a high standard. Paddy and Ahmed were instrumental in enabling us to achieve that objective.”