A Lichfield business has a new owner after a multi-million pound management buyout.
Flamerite Fires Ltd has been acquired by director John Watts and his brother David, who will become the company’s new chairman.
The new owner said he was excited for the prospects of the business.
Managing director John said: “I am very excited about Flamerite’s future and I am looking forward to taking the company forward.
“There are a lot of plans in the pipeline which will aid the future growth of the company and expand the current product offering.”
The deal was advised on by Dains Corporate Finance and funded by Allied Irish Bank.
Lead advisor Jenny Moore said: “Flamerite’s growth has been built on delivering high quality products to their customers and John is now in a great position to build on this for the future.
“The deal allows succession for David Watts, who will continue on in a chairman role, passing over the managing director reigns to his brother John.”
