The Strensham motorway services area (MSA) on the M5 has been the subject of an eight-figure management buyout (MBO).
The buyout, from previous owner Inchcape, was backed by investment capital group 3i, which provided the £4m equity element of the £16.8m needed to finance the deal. BP Oil, which has plans to develop a new petrol station at the MSA, also provided backing.
The MBO was led by managing director Nick Turner, who has run MSAs for 22 years and Strensham for the past three. He was supported by operations director Chris Enticknap and administration director Bryn Harries.
Strensham will trade under the name Take A Break. Mr Turner said he planned to redevelop the southbound services next year.
Published by: The Caterer