Redditch tooling specialist completes management buy-out

The deal has enabled a smooth transition of ownership from founder Nigel Rhodes to Carl Brazil, production director and Scott Lewthwaite, managing director, both long-term employees.

“Able Tooling designs and manufactures precision tooling for a variety of industry sectors, including automotive, medical, food and aerospace,” explained Simon Parker, regional manager for Close Brothers Asset Finance, Manufacturing division. “The company has been trading for nearly 30 years and is a very well-run business with a range of high-value machine tools. This allowed us to offer a refinance deal using the equity in the machinery to part fund the acquisition of the business.”

Scott Lewthwaite, the new managing director of Able Tooling, said: “We are delighted to have the opportunity to take this established and well-respected toolmaking business to the next level, with the help of our partners, including Close Brothers Asset Finance. We have a team of skilled and dedicated toolmakers and some excellent machinery to take advantage of in our quest to double the turnover.”

Carl Brazil, the new Production Director, added: “We have always enjoyed a strong order book at Able Tooling and thankfully neither Brexit nor the downturn in the automotive sector has impacted us. We are fortunate to have a diverse customer base across a broad range of industry sectors.”

Close Brothers www.closebrothers.com

Able Tooling www.abletooling.co.uk