Mon, 07 Dec 2015 | MBO/MBI
A successful MBO has been completed by the management of Kingstown Associates Ltd, a mail order firm based in East Yorkshire.
The company owns several lifestyle brands which are primarily aimed at the over-60s market and boasts a turnover of £18 million recorded last year thanks to its core business and its services to third party clients and other photography, print, buying and design services.
The company has exchanged hands from its current owners Nigel Mellor and David Whittle to the management team of Jody Allan, Wayne Barry and Paul Chambers. Mr Mellor, the existing managing director, will continue in his role, while David Whittle will retire from the company.
Mr Mellor commented on the MBO: “I've worked with the new team for a number of years during which time they have gained experience of the business and the sector in which we operate. Together we're looking forward to continued growth and success.”
Funding for the buyout was provided by HSBC. The purchasing team worked with Shulmans, while legal advice was provided by Bond Dickinson. The vendors worked with RSM's corporate finance team in Yorkshire.
Steve Hubbard, corporate finance director with RSM, noted that his team advised Mr Mellor and Mr Whittle when they acquired the business seven years ago and that they are delighted to have seen the business strengthen over that time and now see it look on to future success.
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