Co Down company to join buyout of English owner
A Construction-related firm in Co Down is joining a management buyout of its English parent company. Lakesmere Group, which owns McMullen Facades in Moira, has announced a structured management buyout by its executive management team.
And McMullen Facades managing director Ted McMullen is now part of the new management team.
Profit before taxation rose more than 12-fold at McMullen Facades, up to £310,838 from last year's £25,638, in the year ending January 2015.
The management buyout is being led by group finance director Mark Johnson. He said: "It was always our intention to introduce a strategy in Lakesmere that would aid future development and drive further integration across all our business units. Operationally, things will remain unchanged.
"However, the management buyout will provide additional strength to the group board."