Cardiff-based Bailey Group has taken control of the A&P Group, one of the UK’s leading ship repair and marine services businesses, for an undisclosed sum.
Property developer and entrepreneur Paul Bailey, who took a 50 per cent stake in the group in September 2006, has purchased the remaining 50 per cent shareholding held by a number of A&P directors and senior managers.
The deal was concluded at the end of last week after six weeks of detailed negotiations.
Bailey said that the new structure would further strengthen the group, which had returned good profits over the previous three years, with new investment and management.
A&P was founded in 1971 and has become a major force in ship repair, conversion and marine services. Its clients come from more than 70 countries and include government departments and commercial shipping lines.
The company employs 600 staff at four locations across the UK – Hebburn on Tyneside, Middlesbrough in Teesside, Chatham in Kent and Falmouth in Cornwall.
The former managing director of the Tyneside operation, David Skentelbery, has been appointed as group managing director and a new finance director, Ian Carey, joins the company from the construction industry.