Barclays Ventures buys Accura from Nova

Accura Support Services is a West Midlands-based provider of outsourced engineering services with a turnover of £23m, which employs nearly 300 people at factory locations in Wolverhampton, Stoke-on-Trent, Pershore (Worcestershire) and Willenhall (West Midlands). It also has a factory in Rotherham.

Accura operates as two specific divisions - supply chain services (SCS) and technical contract services (TCS). Within SCS, under the Linvic Engineering and Concept Steels brands, the company supplies flanges, pipes and related ancillaries primarily to the oil & gas markets. Within TCS, the company works on long-term outsourced machining contracts for high-value, low-volume components for the off-highway vehicles, mining and aerospace markets.

Overall, there are six companies within the Group: Accura BD Ltd, Accura Geneva Ltd, Geometric Form Tools, Linvic Engineering Ltd, Concept Steels Ltd and Accura Pipefittings.

Under the deal, Peter Andrews, former chairman of Syltone and Sterling Fluid Systems, joins as executive chairman. The incumbent management team is David Gouldingay (Group finance director), Alan Smith (Linvic Engineering managing director), Ian Austin (Concept Steels managing director), Ray Bennett (Accura BD managing director), Keith Jones (Accura Geneva managing director) and Mike Richards (Geometric Form Tools managing director), who all become shareholders in the business.

Also joining the board are Simon Smith (former chief executive of investment business Springboard) and Mike Williams (former managing director of Manganese Bronze).

Barclays Ventures has invested £3.5m in return for a significant equity stake in the company with senior debt and working capital facilities provided by Bank of Scotland Corporate.

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