Fri, 02 Dec 2016 | MBO/MBI
One of the UK’s leading toy importers has been acquired in a management buy-out (MBO).
KandyToys, which also imports gifts, beach goods and confectionery, was established by David Kirkby and Andrew West in 1978 and supplies amusement parks, national wholesalers, supermarkets and high street chains.
The firm turns over more than £17 million and is based at a 250,000 square foot warehouse space in Clyst St Mary, Exeter. It also has offices in Hong Kong.
As a result of the MBO KandyToys’ management team - managing director Gary Beswick, finance director Mark Hookaway and operations director Freddie Martin - will have a shareholding in the business, with Mr Kirkby becoming chairman.
A company called Planet Direct Limited will also become part of KandyToys on completion of the deal.
Mr Beswick said: “Having worked closely with David and Andrew for over 20 years it is a fantastic honour to have been entrusted to put together a team to take over KandyToys and lead them forwards into new challenges and a new chapter in the growth of such a well-established and respected company.”
Funding for the deal was provided by HSBC. Paul Crocker, corporate finance partner at PKF Francis Clark, which advised on the deal, said: “KandyToys is an impressive and highly successful business led by an experienced management team who have worked within the business for a long period of time.
“We’re delighted to have advised on the deal, especially as it enables the management team to take the momentous step of owning the business, rewarding many years of loyalty. It’s a testament to both David and the team that the business continues to go from strength to strength.”
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