Durham-based geotechnical consultant Arc Environmental has been bought out by two members of staff, according to HSBC which supported the deal financially.
Associate directors Darren McGrath and John Ditchburn are reported to have taken over the business, which turned over £2.2M according to the 2018 Geotechnical Services File and was ranked at 83 in the top 100 UK geotechnical businesses listing.
Ditchburn said: “We have a strong, loyal team at Arc and this deal means the business continues to be owned by people who have been with it from the outset. The team has a wide range of specialist skills and expertise, working in partnership with clients including major engineering groups, contractors and government departments.
“The future is very positive, and our increased workload has led to the creation of a number of positions within the business, offering opportunities for experienced engineers to join the company at a very exciting time.”
According to Arc Environmental’s entry in the 2018 Geotechnical Services File, the company’s 15 strong workforce operates right across the UK and specialises in contaminated land and ground investigation work.
The management buy out was advised by Clive Owen and Endeavour Partnership, while investment came from HSBC UK.
Corporate finance partner at Clive Owen, Angus Allan, said: “We are proud to have supported Darren and John on this transaction, advising on all financial aspects that have led to the successful conclusion of the management buy out. The entrepreneurial endeavours of John and Darren will undoubtedly take Arc from strength to strength.”