An architecture practice in Birmingham is embarking on a new chapter after undergoing a management buyout.
Director Daniel Wicks has taken over Jewellery Quarter-based MDG Architects from outgoing owner and managing director Darrel Smallman.
The chartered firm was founded in 1994 and this deal has secured its long-term future and that of its ten employees.
Mr Wicks joined the practice in 2017 and has now become managing director while Mr Smallman will continue to support the business in a consultancy role.
The MBO was supported by an undisclosed, six-figure funding package from º£½ÇÊÓƵSE which provides loan and equity packages of up to £1 million.
Mr Wicks said: "The funding from º£½ÇÊÓƵSE will enable me to continue to grow MDG Architects for the benefit of the employees and clients.
"I am committed to the long-term success of the business and will continue investing in the company to ensure its growth and progression.
"It is a really exciting time for the company as we also celebrate 30 years in business. Our commitment to good design and quality will, however, always remain at the forefront of everything we do.
"I would like to thank Darrel for the dedicated role he has played in growing MDG Architects during his nine years as owner.
"He has established it as a key player in automotive retail as well as playing a pivotal role in diversifying the brand into both commercial and governmental sectors."
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º£½ÇÊÓƵSE regional executive Mike Lowe added: "We are pleased to have been able to support MDG Architects with the funds needed to secure this management buyout.
"º£½ÇÊÓƵSE's mission is to enable businesses to grow and prosper so we look forward to seeing the company build on its success and contribute further to the West Midlands economy.
"MDG Architects is an impressive business with a strong track record of delivering high-quality building projects, and I am confident that the company will retain the values that have contributed to its success under Daniel's leadership."
MDG Architects was introduced to º£½ÇÊÓƵSE by Birmingham-based commercial finance broker Central Business Finance which helps SMEs with financial products and grant funding.
Director Steve Harris said: "I am thrilled to have been able to assist Daniel in sourcing suitable funding for this management buyout.
"It has opened up new opportunities for the business to grow and prosper."
