HINDLEY CIRCUITS, AN EXCITING NEW COMPANY IN CRAMLINGTON
Release - 15/11/16 PM
A new company, Hindley Circuits, backed by Andrew Lapping of Hamilton Capital Partners, has acquired the trade and assets of Opsol UK, saving the jobs of 23 staff under threat.
Cramlington-based OPSOL UK has enjoyed success but fell into trouble after its parent A-BELCO encountered financial difficulties.
The formation of Hindley Circuits and the purchase of all Opsol UK assets secures jobs for the 23 personnel. At the helm of the new company is Richard Whitehead, previously General Manager at OPSOL UK, whose stated intention is to grow the business and employ at least double the current headcount within the next 3 years.
Whitehead said: “OPSOL UK was a superb business. In creating Hindley Circuits, we intend to preserve all that was good about OPSOL whilst establishing a new, energetic and dynamic company that drives the business forward in partnership with our customers and financial partners”.
Hindley Circuits will continue to provide electronic manufacturing solutions to a diverse range of customers all over the North of England. Whitehead stated, “We are delighted to secure the employment of a great team of people. A customer of Opsol, Chris Pennison of Hyperdrive Innovations was influential in ensuring that this deal turned into reality. Chris made the introduction to Andrew Lapping that ensured we are where we are today”
Andrew Lapping said “We were delighted to partner with Richard and his team to provide the necessary funding to make this transition happen. We intend to rapidly expand Hindley Circuits and our strategy is likely to involve an acquisition in the short term”. As part of this process, I have asked Allan Cairns, ex CEO of Fabricom Offshore Services, to co-invest and chair the company, and further strengthened the team with the appointment of Chris Pennison as a non-executive director.
The Board of Directors are;
- Allan Cairns- Chairman
- Richard Whitehead- Chief Executive Officer
- Andrew Lapping- Non Executive Director
- Chris Pennison- Non Executive Director
DWF Newcastle acted for the investors in the transaction.