A company which builds sailing boats for Olympians and world champions has been bought out by its management.
Ovington Boats was purchased by three members of staff following a £250,000 mezzanine finance deal gained through Evolve Finance.
The company, founded in 1975 by Dave Ovington, specialises in making hand built high performance dinghies, which are sold around the world. World champions Chris Draper and Simon Hiscocks are customers and the pair won bronze for the UK in one of the Tyneside-based company’s boats.
However, Ovington died in 2005 and now the family has agreed to a management buy-out led by sales director Dave Hall, technical director Chris Turner and finance director Veronica Brown. The company employs 20 staff and has a turnover of £2m per year.
Hall said: “The Ovington Boats’ name is known throughout the sailing community and stands for quality and technical innovation.
“Everybody who works for the company is passionate not only about the business but making the best boats in their class.
“The future of the business has been helped thanks to the funding provided by Evolve and we look forward to taking the company forward.”
© Crimson Business Ltd. 2007
