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Filon partnerships key to management buyout success

19th January 2022

Filon partnerships key to management buyout success

The business services team at leading Black Country law firm Higgs LLP has marked 25 years providing support to Cannock building products giant Filon Products Limited by helping complete the company’s fourth management buy-out.

Along with BSN Accountants, of Oldbury, Higgs LLP has helped senior managers at Filon Products withdraw their investments on retirement, enabling younger teams to buy a stake in the business, the fourth time such a process has been carried out.

Filon Products is a world leader in the production of Glass Reinforced Plastic (GRP) roofing and construction products.

The first transaction the two firms worked on saw Filon become independent from RTZ Group with assistance of funding from 3i a quarter of century ago. This was repeated six years later when the partnership with 3i ended.

Steve Vickers, the departing managing director of Filon Products, said: “Throughout the company’s history in the private sector, we have always used the same professional advisers in connection with accountancy and legal matters.

“It has helped to work with Higgs LLP and BSN Accountants. Both are firms that understand our business and know about the history behind it.”

Filon, which was established in 1957, provides its GRP products to companies in the UK, Europe and the Middle East in construction, oil and gas, highways, marine, transportation and manufacturing.

David Ellis, consultant at Higgs LLP who has worked on all four deals, said: “We are proud of our long working relationship with Filon and it has been a pleasure to see the company develop and evolve over the years.

“This is a new chapter in the company’s history and we wish the team all the best moving forward.

“This transaction demonstrates our ethos of developing long-term relationships with both clients and fellow professionals for our mutual benefit.”

Hannah Justice, who represented BSN on the deal, added: “We congratulate the new management team on the conclusion of another successful buyout and look forward to assisting them over the next quarter of a century.”

 

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