Existing company directors David Carley and David Stacey, who have both worked at Industrial Pumps since trainee level in the 1990s, have bought the business from previous owner Chris Garner.
They have now revealed expansion plans which build on the company’s reputation and recent growth which has seen turnover double to around £4m in the last four years.
The news comes after UK Steel Enterprise, a subsidiary of Tata Steel, provided investment through its Equity Growth Fund, which is backed by the government’s Regional Growth Fund.
The buyout sees David Carley take on the role of managing director – having started as an apprentice pump fitter in 1996; and David Stacey take up the post of sales director having joined as a trainee tech sales agent in 1998.
Recognising that the existing business model and ideology at industrial Pumps has been extremely successful, Carley said: “This investment from UK Steel Enterprise has provided us the opportunity to carry on building the company’s reputation and work towards our ambitious growth plans.
“Our immediate vision is to take the company into both new long-term contracts in the utility and industrial sector, whilst also ensuring that the existing employees have both security and opportunity to progress as well as recruiting for new roles from across the region.”
Established in 1988, Industrial Pumps is a leading pump distributor specialising in repairs and general engineering and one of only seven official Mono Pumps distributors in the UK.