Express & Star

MBI deal at medical imaging firm

An innovative medical imaging company in Willenhall has been taken over by its management in a deal backed by HSBC.

Published
From left, Graham Haslam (director of Wolverson X-Ray Limited), Peter Davies (outgoing director of Wolverson X-Ray Limited), Frank Cousins (director of Wolverson X-Ray Limited), David Young (outgoing director of Wolverson X-Ray Limited), Gurpal Matharu (director of Wolverson X-Ray Limited), Paul Dawson (HSBC), Debbie Harper (HSBC, Natasha Bhardwaj of Hawkins Hatton, Andrew Hodgetts (director of Wolverson X-Ray Limited)

Lawyers from Dudley firm Hawkins Hatton advised Wolverson X-Ray on the management buy-in (MBI) which has seen Andrew Hodgetts, Graham Haslam, Frank Cousins and Gurpal Matharu become the new directors and shareholders.

Wolverson X-Ray has been established for 85 years and is a leading independent supplier of innovative imaging equipment to both the NHS and the private medical industry.

Andrew Hodgetts said: “When you have a business like Wolverson, which has been going as long as 85 years, you do not suddenly become the new business owner, instead you are the custodian of the business for the next generation and as such, it is our duty to help maintain the well-being of Wolverson so it will continue for another 85 years.”

Graham Haslam added: “It is not just how long the business has been going, but all about innovation and development and the directors and I are fully committed to continue to help innovate and develop Wolverson for the benefit of all Wolverson customers and employees.”

To fund the MBI Wolverson secured backing from HSBC. business banking Area director Debbie Harper said: “Funding for the future is a core part of what we do at HSBC and Paul Dawson worked hard to structure a deal for the MBI team. We look forward to working with Wolverson as the team continues to build the business for future generations.”

Colin Rodrigues, corporate partner at Hawkins Hatton Corporate Lawyers, said: “As with any corporate transaction, the key to success is to ensure that the instructions from the clients are fully reflected within the legal documentation. A lot of time can be spent arguing over clauses when in reality, the practical and commercial approach soon distils any issues within a contract so they can be agreed between principals.”

The new owners have thanked outgoing directors, Peter Davies and David Young, saying: “Peter and David have been fantastic role models to us as demonstrated by the growth of the business during competitive times in the healthcare business. We will always be grateful for their achievements and will aim to continue to progress the business to these high standards.”