Solway Precast saved by management buyout

Grant Prior 12 years ago
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Production has restarted at the Solway Precast plant in Ayrshire after former owner Barr sold the business to a consortium led by its former management.

Barr announced plans to shut the plant in March with the loss of 60 jobs.

The move followed a downturn in demand and the earlier closure of Solway Steel’s plants at Creetown and Killoch with the loss of 80 jobs.

The management buyout has been backed by John Barr – one of the brothers who founded Barr.

The deal has been led by Solway Precast managers David Murdoch and Andrew Gillon.

Production has now restarted and 10 people hired with more set to join in the coming months.

John Barr told The Herald: “I have been working to secure this deal ever since it became clear that Solway Precast was not a part of Barr’s long-term plans and I am delighted to have done so.

“The existing management team is a strong one and the products are well-known and respected in the market.

“We see significant opportunities to grow the business by targeting the industrial and agricultural sectors and will be seeking to position ourselves as the Scottish precaster of choice.

“While the initial workforce is relatively small, we have a business plan in place to create more jobs once we are up and running fully again.”

Bill Weir, managing director of Barr’s industrial division, said the company would now concentrate on its core quarrying, environmental and construction divisions.

 

 

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