Date of issue: 25th November 2004

CLEMENT KEYS CONCLUDES MBO AT TOP LIFT COMPANY

Chartered accountants Clement Keys, Birmingham has brokered a management buy out deal for the UK's leading manufacturer of access lifts for minibuses and ambulances.

Partner Ross Cocker and Senior Manager Mark Bullock, who specialise in the owner-managed business sector, worked with Smethwick-based Passenger Lift Services Limited to secure the future of the company under the existing management team.

The company specialises in custom built under floor mounted access lifts for the community transport sector and manufactures ramps for low floor buses. When owners Alan and Michelle Ford and David and Christine Phillips decided to retire, they called in Clement Keys, Birmingham to develop an exit strategy in favour of the four managers responsible for day-to-day business operations.

"Passenger Lift Services was set up by Alan and David in 1991 and is a prosperous company which has gained an enviable reputation in its marketplace for technical innovation, quality and customer care," says Ross.

"We were able to broker a deal which enabled the owners to exit the business while leaving the company well-placed to invest in its product range and so maintain its market-leading status and support its 64-strong workforce."

The new directors of Passenger Lift Services - Adam Beck, Anthony Bull, Michael Pitt and Colin Thomas - have been managing the business for the past four years and are keen to enhance the company's credentials by developing its product portfolio.

"We are delighted to have concluded an agreement which secures the jobs of our dedicated workforce and will enable us to grow the business by exploiting our technical expertise through a broader range of products," said director Colin Thomas.

"This is a particularly exciting time as we have recently launched the new Front Line Ambulance Lift - a unique product which has been purpose-designed for installation to accident and emergency vehicles."

"We will now be able to continue to expand on the company's reputation for providing quality bespoke products and services to our customers whilst maintaining our investment in developing new and innovative lift systems within the marketplace".

Clement Keys, Birmingham acted as lead adviser to Passenger Lift Services and was responsible for setting up the management buy out, preparing the business plan, brokering the structure of the deal and advising on the management team to be appointed.

Solicitors Cobbetts and Martineau Johnson acted for the management team and the vendors respectively, while HSBC Bank Plc provided specialised finance. The bank's legal advisers were Heaton's.