Balmoral sells ACE Winches back to founder Alfie Cheyne after court bust-up
ByAllister Thomas
Alfie Cheyne, founder of Ace Winches (left) and Jim Milne, chairman and managing director of Balmoral Group, announcing their partnership in 2017.
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.
