Offshore engineering firm FES International is to become part of multi-national oil and gas industry supplier Hunting after being acquired in a £50m cash deal.
The more than 20-year-old Ashington business, founded by directors Rob Anderson and Ian Latimer, will become part of the London-based $1.5bn revenue group which operates from 11 countries. Hunting said the acquisition would boost its deepwater and ultra deepwater capabilities, bringing FES' subsea fluid transfer technologies to its customer base.
Announcing the deal to shareholders, Hunting pointed to FES' potential to grow internationally, particularly in locations such as South East Asia, the US, West Africa and Brazil. The acquisition is expected to grow Hunting's earnings in its first full financial year of ownership, before acquisition costs and normal acquisition adjustments such as fair value adjustments and the amortisation of intangible assets.
FES started as a two-man team with a first year turnover of £143,000, before growing to establish relationships with super majors, independent oil and gas companies and international energy operators. It currently trades from a 35,000 sqft facility and 6,000 sqft test facility, altogether employing 46 people, and runs three key divisions covering fluid handling, subsea and marine.
Mr Anderson and Mr Latimer will stay with FES for at least 12 months as the business joins Hunting's Subsea Technologies segment, reporting into its managing director Dane Tipton.
Jim Johnson, chief executive of Hunting, said: "We are pleased to complete the acquisition of FES. It immediately boosts our subsea portfolio with proprietary products and capabilities and clearly demonstrates progress on our Hunting 2030 Strategy.
Electronics manufacturing, assembly and test firm Arian EMS plans to create up to 30 new jobs following its acquisition by investor CorqAcq.
The undisclosed deal means the Ashington-based printed circuit board specialist comes under the ownership of the North West-based backer, which was founded by business magnate Simon Orange and sold earlier this year to Asda investor TDR Capital. Now, 40-strong Arian is said to benefit from continued investment in its people, processes, and production capabilities.
Arian was founded in 2017 by Malcolm Humble, who saved a number of jobs after predecessor firm Infoteam ceased trading. He has retained a stake and will continue with Arian in a strategic role. The firm deals with complex electronic systems for a range of industries, including the automotive sector. Since launch it is said to have grown and earned a reputation for reliability, fast turnaround and high standards.
Mr Humble said: “The deal marks a major milestone in our journey. Joining the CorpAcq network positions the business for long-term success and gives us the platform to take the next step. Their backing allows us to invest further in our manufacturing capabilities – particularly in new machinery – and to keep developing our brilliant team."
A popular Newcastle match day bar has been snapped up by a growing hospitality group. City centre venue Bar Loco, which is popular with football fans heading to and from St James’ Park, hit the market with a £125,000 price tag in February, with estate agents expecting lots of interest in the site.
The Leazes Park Road bar has very high footfall, with Newcastle students as well as football supporters regularly visiting the venue’s bar areas spread over two floors. It also has a large sun-trap beer garden in front of the Georgian terraced building. The remainder of a 10-year leasehold, which started in January 2019 and is free of trade ties, was also available on the venue. Now it can be revealed that rapidly rising leisure operator Sayturk Group has swooped for the popular bar and restaurant,
The Groat Market based property development, hospitality and leisure company already manages a number of city centre sites, including concept bars, late-night venues, pubs, cafes and luxury holiday apartments. Its venues include the lease of the popular European-style cafe bar Société on Grey Street, Newcastle, as well as the former Chicken Coop restaurant adjoining Metropolitan House.
Sayturk Group struck all the deals, including the Bar Loco acquisition, with help from commercial law firm Sweeney Miller Law. Surbhi Vedhara, managing partner at Sweeney Miller Law, said: “This is yet another wonderful acquisition for Zafar and the Sayturk Group in the North East and it was fantastic to work with them again as they continue to grow. We are excited to work with them on whatever comes next. At a time when the hospitality sector is facing so many challenges, it is refreshing to see good operators like Zafer continuing to grow and outperform the market.”
A Northumberland family has launched a pet cremation service after securing a six-figure funding deal. Mother and son founders Jane Jobling-Purser and George Renwick recently opened Renwick Animal & Pet Cremation Services to meet growing demand for dignified and compassionate pet cremation services.
The pair secured a £175,000 funding deal to launch the start-up from Reward Funding, using the funds to purchase vital equipment for the company, which uniquely provides cremation services to pets and animals of all sizes across the region.
The family business is based on the 22-acre Southwitton House estate, and both Mrs Jobling-Purser and Mr Renwick have extensive experience in both the farming and equine sectors.
Mr Renwick, director and co-founder of Renwick, said: “Having worked with pets and livestock all our lives, we recognised across the North East that many businesses and pet owners with larger animals were increasingly forced to travel as far as Derbyshire to access cremation services. Equipped with this knowledge and our passion for animal welfare, we invested in refurbishing the former equestrian centre located on the estate and converted it into the new pet and animal crematorium.
“The missing piece of the jigsaw was securing the finance in order to acquire the vital equipment needed to launch. As a new company, this was a real challenge since we had no previous trading history to present to banks and other lenders. Therefore, we were delighted that Reward was able to support us by recognising our long-term vision and plans for the business. The whole process moved at pace, ensuring we didn’t face the financial headache of having to delay the launch and put everything on hold.”
Durham fashion brand Charles Grey Menswear is stocking up for expansion after securing a five-figure investment. The firm was launched in 2023 to specialise in high-end formal wear, including tailored clothing and footwear for gentlemen, all inspired by North East-born former Prime Minister Charles Grey.
Since its launch it has already beaten all targets, establishing a presence in 70 retail stores nationwide which is almost three times its early predictions. Now, the company has secured a five-figure investment from NPIF II – NEL Smaller Loans, which is managed by NEL Fund Managers as part of the Northern Powerhouse Investment Fund II (NPIF II), to ramp up growth within the Ƶ retail sector.
The funding will support a substantial new order of stock which it needs to meet growing demand from its expanding retail network.
Stephen Dial, founder and director of Charles Grey Menswear, said: “NEL has delivered a thorough and efficient process that has effectively supported our business growth and overall journey as a company. Although we are only 18 months into our journey, growth has exceeded our expectations - we initially hoped to reach 25 stores by this point but are proud to now be stocked in 70 stores across the Ƶ.”
