BAY Electrical Holdings, the company which emerged from the December 1994 management buyout of Wexford Electronix for £3.75 million, had an excellent first year's trading after the buyout.
Bay, which manufactures electrical harnesses for the motor industry, achieved profits of almost £1.5 million on sales of £14.5 million. According to Private Research, Bay had operating profits of £1.7 million but interest charges of £191,473 brought the pre tax profits figure down to £1.49 million.
The 1994 buyout of Bay from the Smith Group was supported by two venture capital investors, ICC Venture Capital which has a 34 per cent stake in the company and NatWest Ventures which has 23 per cent. The balance is held by Bay management including Mr Brian Gill, Mr Richard Rice, Mr Michael Furlong and Mr Seamus Morrissey.
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