A North East engineering firm is preparing for growth following a management buyout backed by a seven-figure funding package.
PDQ Engineering Ltd was acquired 18 years ago by Paul Jackson and his wife Gayle, more than 20 years after Mr Jackson first became a director at the business. Based in a 11,500 sq ft facility in Washington, PDQ Engineering produces component parts for a range of sectors, such as offshore energy and medical industry, using specialist CNC technology.
The company, which manufactures components on site from raw materials, has now been bought out by its seven-strong management team, which has acquired all of Mr and Mrs Jackson’s shares to take 100% ownership, with their financial contribution supported by a seven-figure funding package from NatWest.
