Management Buyout of Oval 316

Simon Wood Power (left) and David Meany (right)

The long-term future of the marine equipment and furniture manufacturer, Oval 316 and its 27 employees has been secured following the successful completion of a buyout of the business and assets by Marine Engines Limited.

The business, which operates from nine units on Nuffield Industrial Estate in Poole, went into Administration recently.

Simon Wood Power, Managing Director of Marine Engines Limited and The Tank Company Limited, said "This is excellent news for the business, its customers and the workforce and will enable the restructured Oval 316 business to not only continue, but to lay a sound and secure financial footing for the future development and expansion of the business".

David Meany, of RogersEvans, Business Recovery Specialists, said "It was clear when we were instructed that with Oval 316 there was fundamentally successful business with a good product and reputation in the market place, but which had been unable to keep pace in a competitive market due to the constraints and pressures of its existing financial structure. All the parties recognised this, and with the support of the existing management and new backers HSBC, we were able to structure a sale that will enable Simon to take the business forward and realise its full potential".