A management buy-out (MBO) has secured the future of Lincolnshire-based Paladin Radiators, one of the UK’s only traditional cast iron radiator companies.
The acquisition has allowed directors, Dean Chughtai and Gareth Charles, to purchase the entire shareholding of a business, which they have managed since 2015. The deal provides certainty of direction for the company and its employees as well as a stable platform for the business to continue its strong level of growth.
The company was established in 1994 when the founder was renovating period properties and spotted a gap in the market as he struggled to find quality cast iron radiators at affordable prices.
Paladin Radiators supplies premium products and delivers cast iron radiators to over 8,000 projects every year. In March 2015, Dean and Gareth bought a 50% stake in the original business. The company now expect to create additional roles within the next 12 months to assist with growing demand.
Gareth said: “Working closely with the Yorkshire Bank team we were thoughtfully and professionally supported every step of the way throughout the whole of the MBO process. We found the bank’s friendly and flexible approach to doing business a distinct pleasure.”