July 20, 2015 1.09 pm This story is over 104 months old

More than 35 jobs saved in Lincoln hydraulics firm buyout

Jobs saved: A Lincoln management team purchase Pearson Hydraulics saving more than 35 jobs.
Rick Dring, Managing Director, Ian Smith, Financial Director, and David Burgess, Business Development Director in Specialist and Acquisition Finance at the Clydesdale Bank’s Business and Private Banking Centre in Lincoln and Paul Rushby, Sales Director

More than 35 jobs have been secured as the management team at Lincoln-based Pearson Hydraulics successfully purchased the company.

The acquisition, secured by Clydesdale Bank, comes after news that the majority shareholder was planning to retire.

Directors Rick Dring, Ian Smith and Paul Rushby, who have been in the management team for 11 years, completed the buyout of the 50-year-old firm for an undisclosed sum.

The business offers local and national customers a range of distributor products and services from simple components to full electro-hydraulic projects.

It has a various client base across the offshore, mobile and industrial sectors, and supplies manufacturers including Danfoss, Turolla, OMT, Luen, Intertraco, Sel, Webtec and Comatrol.

The company currently employs 36 people across both its Lincoln and Grantham sites, and is looking to add to its workforce both in technical and sales roles to keep a pace with growth across a variety of sectors.

There are also plans in place to launch a new ecommerce website in the coming months.

Rick Dring, Managing Director of Pearson Hydraulics, said: “Despite the change in ownership, it’s very much business as usual at Pearson Hydraulics. Indeed our company philosophy remains the same today as it did when we began in 1964.”

Richard Hallsworth, Partner at Nicholsons Chartered Accountants, who advised on the management buy-out, said: “We were able to assist the management team behind the scenes and are delighted that the transition didn’t affect day-to-day business. The team at Pearson Hydraulics were focused on ensuring continuity to their customers throughout this process.”