PPS manufactures steel foundation piles and overhead structures for customers including Network Rail and Balfour Beatty. The company was established by Kenneth Cameron in 2001.
Since joining the business in 2008, Alistair Cochrane has focused on expanding the business and increasing profitability. Turnover has risen from £1.59m seven years ago to an estimated £20m in the current financial year.
The management buyout is supported by Clydesdale Bank, whose funding is expected to enable PPS to pursue further growth plans. The company currently has a direct and indirect workforce of 70, including up to 30 at a fabrication plant in Bridlington, North Yorkshire.
PPS has a £20m framework agreement on the Great Western Electrification Programme project, which it is seeking to extend.
The company is also under contract to the Northern Hub project, which will improve travel on key routes across the north of England.
Other recent projects include London’s new Canary Wharf Crossrail Station. PPS supplied the anchor piles for the cofferdam.
PPS managing director Alistair Cochrane said: “Investment in Britain’s railway network and other infrastructure projects has provided PPS with a great opportunity to grow. Our new management team is working hand in hand with Clydesdale Bank to take advantage of the exciting opportunities in the marketplace and deliver further expansion. We also have ambitious plans to strengthen the business including a new health and safety initiative which we will showcase next year.”
Andrew Carson, senior director in Clydesdale Bank’s specialist and acquisition finance team, said: “We believe that PPS has further growth potential and have provided a mix of facilities that will not only support the new management structure but will also enable Alistair and his team to continue building the business and achieve their growth aspirations.”