John McGibbon, Managing Director of Workington-based PAR Systems (UK) Limited, has completed a management buy-out from its American parent company.

The firm employs 22 people develops robotic systems, nuclear cranes and remote handling systems from its HQ in Lillyhall.

The seven-figure management buy out (MBO) will enable the UK operation to concentrate on the nuclear decommissioning sector, building on existing contracts covering the Dounreay and Sellafield nuclear facilities.

“I am really pleased to have completed the acquisition of PAR Systems for the UK and European nuclear market,” said John. “The MBO gives us greater independence and flexibility as an SME, and provides a platform to unlock opportunities for future growth, not only with our existing customer base, but also in new markets.  We retain very close links with PAR Systems LLC in the US, and look forward to working with them in the future.  I can only thank them for providing me with the opportunity to take the business forward into exciting times.”

The company started with four employees and a £700k turnover in 2015; now has 22 staff and is currently recruiting another six. Its turnover has more than quadrupled since 2015.

John is the current lead of the Nuclear Sector Group for BECBC and the Cluster’s Chairman, Ivan Baldwin commented on deal: “At BECBC, we talk about Cumbrian collaboration with global reach, and the MBO of PAR Systems is a perfect example of this.”