Wincro Metal Industries

I always knew Shorts were working behind the scenes, dotting the Is and crossing the Ts, and keeping everything moving forward. We found their advice invaluable.

John Young - Director at Wincro Metal Industries

How were you first introduced to Shorts?

“We went out to market and spoke to a few people; Shorts came in with the best quote and were most willing. I was personally introduced in the latter stages of this conversation.

“The first stage was valuation, which was a talking point. We wanted to see where we were, get some numbers on the board and see what we could get in terms of bank funding. We wanted to get somebody who had the expertise to develop a plan and hold our hands through the process.

“It hadn’t gone very far before this.  We had shareholders at different stages of their careers all with their own personal objectives, with a requirement to pull this all together into something that worked well for everyone. We needed the advice of Shorts to make sure it happened in the right way, otherwise, it wouldn’t have happened.”

How did you find the process to completion?

“I enjoyed it. I wish in hindsight that I’d known more. It was a long process, with a few obstacles to get past. It was rewarding too, it’s eye-opening to be involved in a part of the business I wasn’t normally involved in. I knew when I started here it would be something I would end up doing.

“There were times when different groups had to get together to steer the ship in a better direction, and certain areas were quite emotive. There were a few twists and turns.

“Despite the bumps, people worked together. There was a little bit of resistance on the selling side, but everyone’s expertise helped ensure it went through.”

Shorts corporate finance team at Wincro

What are the main benefits of a Management Buyout?

“It’s the ownership and vested interest. It’s your ship to guide in the direction you want to go. It’s being your own boss and moving in the direction you always believed you could go. It’s a great opportunity in life.

“I think it will be positive for the business, the employees that work here from the top to the bottom. It’s a natural transition, rather than a trade sale which comes with a lot of different complexities. You have people with a vested interest, who might need a bit of expertise here and there, but you can be owner-managers.

“One of my key goals was to remain involved with the people I’ve worked with the last 30 years, and to bring them into the leadership team.”

Andy Ryder Shorts and Wincro

Any advice for other business owners?

“Just be patient. You’ve got to listen to the advice you’re given, not get frustrated with it and always ask for clarification if you don’t understand something. Each person is different, each team has different strengths. Communication is key all the way through.

“Shorts were only a phone call away when we needed them and took the time to learn the business and its people, its terminology, and the numbers. They helped knock out any anomalies that might have been there previously, and tailoring that to the new team and the direction they want to move in.

“Everyone has their own agenda in some respects. It’s about finding something that’s right for all parties. The buyer wants the best possible deal, the seller wants the best possible value.

“Shorts were the glue in the middle. They got to know everyone and helped satisfy the funders, giving them the right assurances and due diligence, but also helped satisfy both the seller and buyer.”

How did Shorts help with the process?

“The early days involvement of Shorts was important because they put the right structure in place. There are so many parts to it, whether it’s legal or financial.

“Shorts gave us professional advice where needed on the financial and legal aspects, making sure the numbers stacked up, and making sure it was saleable to the funders. They helped us go out to market, understand where to go, and how to negotiate with them, and to see who had an appetite for it.

“Shorts then helped us structure a team that made it viable, with the key parts in place to make it as attractive as possible.”

Dave Robinson Andy Ryder Wincro

Why would you recommend Shorts?

“Shorts came in and built an understanding of what my goals were and helped us deal with every obstacle we encountered. They helped explain things in great detail. It’s important to have someone act as a sounding board, bounce ideas off, and offer general support.

“I always knew Shorts were always working behind the scenes, dotting the I’s and crossing the T’s, and keeping everything moving forward. We found their advice invaluable. I have no hesitation in recommending them.”

About Wincro Metal Industries

Wincro Metal Industries is a long established company which was founded on the principles of innovative design, quality manufacturing and outstanding customer service. Based in Sheffield, Wincro produces a wide range of corrosion resistant fixings, support systems, flooring and access equipment.

Wincro’s roots go all the way back to the 1920s, when the company designed and built the Winco-Stringer motorcar, which was at the forefront of technology at the time. You can find out more about Wincro and the work they do on their website using the link below.

 

Wincro Metal Industries