Durham Cricket Selects RMT Accountants as New Auditor
October 25, 2019
A North East drilling equipment supply business is moving into a new era after being acquired by one of the UK’s leading providers of engineering, environmental consultancy and technical support services.
Drilling Supplies provides drilling equipment, rigs and associated equipment from a range of industry-leading suppliers through its headquarters in Burnopfield, Newcastle.
It was formed in 2007 after managing director Phil Smith started the business in his garage, supplying parts to drilling engineering companies and has grown into a national business supplying customers around the world, including RSK.
After owning the business for over a decade, Phil has sold Drilling Supplies to RSK. Long-term advisor Adam Ballantyne of RMT Accountants & Business Advisors worked with Phil on all aspects of the sale of the business, while legal advice was provided by Jabad Jaigirdar and Ella Doshi from Millican Law’s team of Corporate Law specialists.
Phil Smith, Managing Director says: “Drilling Supplies holds a strong position in a range of markets throughout the UK, and the expertise and product range has been the key factor in the success that the business has enjoyed over the years.
“When we were looking at potential acquirers, the way in which we felt the business would look post sale and develop the team was our top priority. Having seen how well other companies have fared after being acquired by RSK, they became our preferred buyer as soon as we knew they were interested.
“RMT kept us fully informed as the sale process progressed, smoothed over any problems that arose and found solutions whenever they were needed – their professionalism and expert guidance has been absolutely invaluable.”
Adam Ballantyne, Corporate Finance Executive at RMT Accountants, adds: “We had a significant amount of interest in Drilling Supplies from a number of potential buyers, but RSK’s position and its ability to grow drilling supplies made them stand out as the best option.
“Having worked closely with Phil for many years, it’s great to be able to reach such a positive conclusion for him and we’re expecting to see Drilling Supplies flourish under its new ownership.”
Jabad Jaigirdar, Partner at Millican Law, added: “We’re grateful to RMT who recommended Millican Law to manage the acquisition process both legally and commercially. The transaction has progressed smoothly throughout, and ahead of schedule.
“With RSK being well-established in the drilling sector, this is an ideal acquisition to enable the continued scaling of Drilling Supplies, and the new management team clearly has the experience to take the company to the next level.”
Alan Ryder, founder and chief executive officer of RSK says: “RSK has already developed a close business relationship with Drilling Supplies & Hire Services and I am excited to develop this relationship further now that it is part of the RSK group.
“RSK is gaining a fantastic business with which we see multiple synergies. Both companies will benefit from joining forces and the broadening of our in-house capabilities and the building on our strengths.”