Azets advises on sale of Midlands metal specialist

Azets advises on sale of Midlands metal specialist

Azets, the largest regional accountancy firm and business advisor to SMEs has advised on the sale of P&P Non-Ferrous to Bonmore Metals.

P&P Non-Ferrous is a Dudley-based stockholder, processor, and distributor of non-ferrous metals. It was established in 1982 and is a long-term client of Azets at its Wolverhampton office.

Bonmore Metals, a UK leading supplier of non-ferrous metals, acquired 100% of P&P’s ordinary share capital in the firm’s second acquisition of the past year. Bonmore Metals is a group company alongside Steel Dynamics and Offshore Stainless Supplies, with over 100 employees and combined revenues of over £40m.

Azets’ Martin Poole, Corporate Finance Partner, and Tom Eastwood, Associated Director, advised P&P throughout the transaction and both were integral to the financial and legal due diligence process, as well as the negotiation of the deal terms with Bornmore Metals.

Martin Poole, Corporate Finance Partner with Azets, said: “We have worked closely with the P&P shareholders and built a trusted relationship since 2017, so we are delighted to have assisted with the successful sale of their business to Bornmore Metals. We advised throughout the process, from the very first enquiry in early 2021 through to completion. With the help and support of all involved, we were able to conclude the transaction and achieve a great outcome for our long-term client.”

Phil Lowry, Chairman of P&P Non-Ferrous, said: “I’d like to place on record my thanks to Azets and everyone involved in delivering a great result for our business and Bonmore Metals. We found the right buyer to take our business forward and the teams worked hard to get the sale done.”

Bonmore Metals was advised by Cowgills. The legal process was led by Emily Parkes (Associate) and Adrian Cutler (Partner) of Higgs & Sons LLP.