Welsh Bailey Group buys out A&P
Property developer and entrepreneur Paul Bailey, who took a 50 per cent stake in the Group in September 2006, has purchased the remaining 50 per cent shareholding held by a number of A&P directors and senior managers.
The deal was concluded at the end of last week after six weeks of detailed negotiation. Mr Bailey said the new structure would further strengthen the Group, which had returned good profits over the previous three years, with new investment and dynamic management.
A&P was founded in 1971 and has become a major force in ship repair, conversion and marine services. Its clients come from over 70 countries and include government departments and commercial shipping lines. The company employs 600 staff at four locations across the UK - Hebburn on Tyneside; Middlesbrough in Teesside; Chatham in Kent and Falmouth in Cornwall. The former MD of the Tyneside operation, David Skentelbery, has been appointed group managing director and a new finance director, Ian Carey, joins from the construction industry. Stewart Boak, former commercial director, will take over as MD on the Tyne.
