Huddersfield-based Woodcock & Wilson Group Ltd, a leading manufacturer of bespoke industrial fans, has undergone a management buy-out (MBO) with help from a funding package provided by HSBC UK.

The existing management team, led by managing director Ian Crum, completed the MBO last month.

He said: “HSBC UK’s financial backing and guidance gave us the means and confidence to undertake this buy-out.

"We’re now looking to build upon recent substantial contract wins by driving forward an ambitious growth plan that will scale up our product range and allow us to explore new markets, both in the UK and overseas.”

As a result of the MBO and funding package, Woodcock & Wilson Group (www.fanmanufacturers.com), which currently employs 70 people, plans to increase its turnover and create new jobs.

"The business will use some of the funding package to develop its hazardous-area products; it will also invest in lean-manufacturing processes.

Anthony Wild, HSBC UK’s relationship director for West and South Yorkshire, said: “Yorkshire has a proud history of engineering and manufacturing, so we’re delighted to support a highly skilled business with a market-leading reputation.

“The leadership team has a wealth of experience; coupled with its desire for growth, this will lead to exciting opportunities for the group.”