A HAMPSHIRE aggregates and recycling business has been the subject of a management buyout.

Raymond Brown Minerals & Recycling Ltd (RBMR) is breaking away from the Raymond Brown Group after its senior management teamed up with investment partners Elysian Capital.

The remaining two parts of the group – Raymond Brown Construction, which undertakes civil engineering projects, and Raymond Brown Building – will continue to trade as before from their offices in Ringwood.

RBMR , which has its head office at Chandler’s Ford, operates from 12 sites across Hampshire – near the A303 at Barton Stacey and Rookery Farm, near Fareham – Dorset, Wiltshire and Oxfordshire and employs 250. It has an annual turnover of more than £30 million.

The decision to break up the group had come at board level, said Stuart Harris, chief executive of RBMR.

“There has been growth on both sides of the business however they are all very different in their operations so the group board made the decision to separate them,” he said.

Stuart, who has been in charge at RBMR for three years, spent seven years prior to that as the group’s financial director.

He will run the new company alongside chief operating officer Steve Clasby, who has been with RBMR for 15 years.

Stuart said RBMR had plans to acquire new sites which would create new jobs.

Their partners Elysian Capital are a UK private equity organisation who provide investment funding for businesses with significant growth opportunities.

Edward Brett, a partner at Elysian said: “The RBMR team have done an excellent job in developing a business with real strategic positioning and in putting a focus on the quality and long-term nature of what they do. There are some very exciting opportunities to build on the foundation created, and the team has a real ambition for achieving significant growth.”

Stuart Harris added: “The transaction was a complex process and I felt that Elysian grasped quickly what makes RBMR so special and the nature of the opportunities ahead of us. We have a clear vision and a number of exciting investment and growth opportunities within the organisation and under this new structure.”