Balmoral sells ACE Winches back to founder Alfie Cheyne after court bust-up
By Allister Thomas
November 10, 2021, 5:56 pm
Alfie Cheyne, founder of Ace Winches (left) and Jim Milne, chairman and managing director of Balmoral Group, announcing their partnership in 2017.
[[title]]
[[text]]
Balmoral Group has sold ACE Winches back to founder and former chief executive Alfie Cheyne after the relationship between the two north-east businesses soured.
Engineering group Balmoral built a majority 70% stake in the Aberdeenshire deck machinery specialist in 2019, but relations have gone south amid a recent court bust-up.
Balmoral said the Cheyne family has exercised an option, in line with its original agreement, allowing it to buy ACE back.
