11.03.2021
MBO at Falcon
UK rental company Falcon Tower Cranes has completed a new Management Buy Out (MBO).
The MBO provides an exit plan for founders Doug Genge and Barbara Brown while providing the ongoing operational management with a greater stake in the business. The process was project managed by Cambridge based advisers PEM Corporate Finance.
The business was established in 1974 and had revenues of £39 million in 2019, with a pre-tax profit of £1.4 million and a reported tangible net worth of £17.1 million. The company is based in Norfolk and runs a fleet 430 tower cranes with 450 employees.
Managing director Andrew Brown said: "This deal marks an important milestone for our business, and I am thrilled to have led the management team towards this exciting new phase. We are delighted that the founders, Doug Genge and Barbara Brown will remain on the board to pass on the benefit of their experience to the new management team. Since it was established, the business has gone from strength to strength and we look forward to driving it towards the next chapter of its impressive journey."
Bagpuss
The majority of tower crane companies have had fatalities over the years and they have not been held to account, the tower crane industry in the UK is the safest in the world. I find it strange how a single company is singled out for persecution while the others have no mention? There has probably been less than 50 people killed in the last 40 years on tower cranes in the UK, therefore making it much safer than any other occupation in construction. Costain suffered a 96 million pound loss but they are still deemed worthy? Wates only managed 1.4 million profit but are deemed worthy?
Double standards comes to mind, but then again no much how a company tries to strive to become the best at what they do and to make it safer for everyone there will always be those who dwell in the past and can not move forward.
Crane expert
Bag puss I’m sure the lads who work for Falcon are mostly all good lads but with Falcon having the highest death rate within the Uk tower crane industry due to accidents and have not be held to account then you can see why some people feel they are a embarrassment.
Bagpuss
I can only imagine that the negative comments are from people who have not managed to get a job with Falcon, it is such a shame, but if you try harder you may get a job flipping burgers? Falcon invests heavily in its workforce and its crane division and I have had the pleasure of working with some of the lads from Falcon over the years and have always found them to be professional in all that they do. The only embarrassment to the lifting industry as a whole is people like the 2 above who feel that their only avenue is to slate decent companies who are trying to do their best to support their employees. Maybe one day you might get a job with Falcon and realise how good of a company they are to work for, but to be honest I doubt if you could make the cut as they generally only employ professionals and you two ain't!!!!!!
mauricio
an enterprise that has 39 million in revenue, and only 1,4 million in profit *pre-tax*, should let go bust, not be saved, because everyone in this industry will have to deal with the usual race to the bottom in margins, revenues, and profit.
JoWis
An embarrassment to the lifting industry in UK...