MBO heralds a new era for EAG

Mildenhall based English Architectural Glazing, which boasts high profile contracts like the New Norfolk and Norwich Hospital and is currently on site at the new apartments being constructed at Carrowbridge, has been bought out by the management team which has been at its helm for the past two years. Saying goodbye is chairman and founder of the company Norman Sheldrake who will now retire.

The deal, which was signed on April 8, also means sister companies SCG Specialist Glazing and Cladding and MultiFab, which runs the factory and manufacturing, also change hands.

Stepping down from the company he built, Norman Sheldrake said: ‘EAG is now in the hands of the management team that has, very effectively, been running it for the last two years. I believe that my connection with EAG has now run its course and it is time to move on.’

He added: ‘The decision to retire was a difficult one for me. I have always enjoyed my involvement with EAG and the other members of the company, many of whom I consider friends. I genuinely wish for EAG to continue to be a success for all involved.’

Taking over the three companies are EAG’s current Managing Director Simon Gladwin, its Pre-Construction Director Edward Whipp, along with Financial Director Jeremy Cocks and Business Development Director Charlie Dyce. The group have purchased the entire shareholding of EAG, SGC and MultiFab.

Simon Gladwin said: ‘We view this as a natural positive step in the development and security of the group and one that we can all continue to prosper in and enjoy. This transfer of ownership will not affect the operational aspects of the business in any way and it is very much business as usual to deliver the group’s record order book.’

He added: ‘The management team has more than 50 years experience between them and we believe this is the natural succession that will lead the group into a very bright future.’

The management team were advised by Lovewell Blake Chartered Accountants and Eversheds Solicitors.