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Joint Venture Deal Secures £10 Million Order and New Jobs For Shrewsbury Firm- 12/10/2010
Shropshire law firm FBC Manby Bowdler LLP has helped a local specialist environmental company to seal a joint venture agreement to deliver orders worth more than £10 million, and create three new jobs.
Stuart Rea, a Partner in FBC Manby Bowdler’s Shrewsbury Corporate Department advised Shrewsbury-based Surewaters Consulting Limited, which holds the exclusive rights to a unique industrial waste water cleaning process, on a deal which sees Manchester-based Environmental Engineering UK Limited enter into the business to facilitate the implementation of all the current projects.
Surewaters Consulting and Environmental Engineering UK Limited have already worked together installing the waste water cleaning technology at a number of food processing plants across the UK and, according to Tom Ritchie, managing director of Surewaters Consulting, the joint venture was a logical move.
He said: “Working together we have the technology, the contacts, the installation know-how and the cash to deliver on orders which we already have from leading household name food manufacturers, and then to win further orders.
“The deal will bring increased installation work for Environmental Engineering and see the establishment of a specialist fabrication plant with offices for Surewaters in Shrewsbury, which will increase our headcount to 11.”
According to Mr Ritchie, the joint venture will also mean more work for local suppliers.
He continued: “We expect to be ordering parts and equipment worth up to £1million in the next 12 months from three bespoke technical engineering firms. The fact that we have such specialist suppliers within 15 miles is a big benefit to us of being based in Shrewsbury.”
In addition to advising on the terms of the joint venture deal, FBC Manby Bowdler also reviewed all of Surewaters’ Intellectual Property Rights, standard commercial contracts and trading terms and conditions, to ensure that they take into account the new ownership structure.
Mr Rea, who is based in FBC Manby Bowdler’s office on Shrewsbury Business Park, said: “This is an excellent move which secures the future success of Surewaters Consulting and the exploitation of a technology which has tremendous environmental and cost benefits.”