10.06.2009

Martin Ainscough bows out of Vanguard.

Martin Ainscough has sold his majority stake in UK machinery removal and installation specialist Ainscough-Vanguard to his eldest son Matthew for an undisclosed sum.

The remaining shares are held by Brendan Ainscough and the three non-family directors: Steve Norman - operations director, Ian Coppock - commercial director and David Cheers – finance director
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Mathew and Martin Ainscough (front) with Brendan Ainscough and two co-owners

Ainscough-Vanguard claims to be the second largest machinery removals and installation company in the UK with revenues in excess of £20 million and pre-tax profits of £2.5 million.

It has six locations throughout the UK and over 200 employees.

Ainscough-Vanguard was de-merged from Ainscough Crane Hire in September 2001 and since has made a number of acquisitions including the purchase of Pickford Vanguard in 2005. Ainscough Crane Hire was sold to a management buy out backed by the Bank of Scotland in 2007 for £255 million.

Martin Ainscough who will stay on for an interim period as non-executive chairman said:: “I am delighted to hand over the control of Ainscough-Vanguard to my son Matthew. I am very confident that under the watchful eye of my brother Brendan and with the strong director and senior management team Ainscough-Vanguard will continue to flourish even in these difficult markets. James, Brendan and I can now concentrate on our expanding property interests.”

Matthew Ainscough, 30 , added: “This is a fantastic opportunity for me and I am looking forward to working with the great team at Ainscough-Vanguard. I worked at Ainscough Crane Hire after leaving school starting as tea boy and ending up as Heavy Cranes Manager. When the crane hire business was sold I started a lifting and handling equipment business called Lifting Gear UK with another Ainscough veteran, Chris Turner and we intend to use the synergy between both companies to enhance our offering to the construction and engineering industries”.