Commercial joinery company Timtec International Ltd has been purchased in a management buy-out.
The Derbyshire firm, which caters for the retail, hospitality and business sectors, was bought from its parent group, telecommunications company Eurotelecom which is in administration, for an undisclosed sum by a team led by current managing director Paul Armitage.
Mr Armitage said: ‘We have been intent on buying the company from the group for a number of months. Now with a number of prestigious contracts secured and the Alfreton facility at capacity, the buyout could not have happened at a better time. With its newfound autonomy, the management team can only look forward to continued success.’
He said the firm had worked hard over the past 12 months to establish itself as a leading player in commercial joinery.
Recent contracts secured total £4m and include Holiday Inn Belfast Court, Marriott and Crabtree & Evelyn. Many of these still have to go live.
The buyout agreement also gives Timtec responsibility for two sister air conditioning companies Chunlan and Anson. The new company will operate under three separate divisions all under a newly formed holding company.
Timtec employs 70 people and its annual turnover stands at about £6m.
As a major joinery contractor for interior fit-outs, Timtec also designs and manufacturers fittings from its 60,000ft² fabrication plant at Alfreton.
