Thu, 05 May 2016 | MBO/MBI
A Nottinghamshire-based spare parts and components supplier has undergone a successful management buyout (MBO) with the financial support of Barclays bank, reports Insider.
The MBO has been pushed through by Moody Group management team David Tomlinson and Ken Wild, who will take on Moody Direct — an offshoot of the Moody Group, which has operated for 40 years and owns a variety of businesses supplying the dairy, food, beverage, brewing and pharmaceutical industries with packaging and other items.
Moody Direct, which is based in Retford, Nottinghamshire, will split from the Moody Group, but will still use the Moody name. Paul Moody will be retained as a non-executive director after the buyout has been completed.
Moody Direct is the umbrella company for a variety of smaller supplier businesses, including Moody Direct Spares and Service, Moody Projects, Moody Heat Exchangers, Daken Stainless Products and Alfred & Company. Moody Direct will retain its current premises in Retford.
New owner Ken Wild said of the deal: "The Moody name holds a fantastic reputation in the market place and Moody Direct has a great team of people with an amazing breadth of knowledge and experience.
“David [Tomlinson], myself and all of the Moody Direct team are excited to explore the many opportunities which lie ahead and look forward to growing and developing the business over the coming years."
Ashley Hallam, a relationship director at Barclays bank in Nottingham, also commented on the deal: "I am delighted we have been able to provide the funding for the management buyout and I look forward to working with the companies as they implement their strategic growth plan.”
For more information on the subject of MBOs and other strategies, see what to look out for when buying a business.
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