Mon, 07 Nov 2011 | MBO/MBI
The future of Contract Natural Gas (CNG), the family-run firm that supplies natural gas to businesses across the UK, has been secured after a management buyout saw its directors take on ownership from the family of its original founder.
Managing director, Jacqui Hall, operations director, Chris England, and finance director, Tim Jones, completed the deal with the family of Colin Gaines at the end of last week.
The company was first founded in 1994, following the deregulation of the British gas industry. It now has revenues of more than £60 million per annum and employs a staff of 50. It primarily supplies natural gas to small- and medium-sized enterprises throughout the UK.
Mrs Hall said they were delighted to be taking on the company that they had already been devoted to for so many years.
"Completion of the MBO marks the dawning of a new era for CNG," she told the Yorkshire Post. "We can now build on the significant successes of recent years in line with our focused vision for the company we are so passionate about."
Mr Morrison added that maintaining the independent status of the company had been paramount in order to sustain the business relationships that have developed with customers over the last 17 years.
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