Winterhill Largo sells stake to investor Moygannon

INVESTMENT firm Moygannon has acquired a significant minority stake in North West asset valuation and recovery group Winterhill Largo.  
 
Winterhill Largo, which has a £6m turnover, is based in Manchester and has a further four UK offices in Blackburn, Leeds, London, and Sussex, as well as overseas operations in Romania and Dubai.
 
The deal will see co-founder and shareholder Paul Snook exit the business and retire. Mr Snook took a stake in the combined business when he merged his business, Largo, with North West-based Winterhill.
 
Mr Snook will remain involved with the business as a consultant and current chief executive Neil Duckworth will continue in his role and retain his stake in the business.  
 
Mr Duckworth said: “This transaction welcomes a new strategic partner to the business and concludes Paul’s succession planning, although we will still be working together on a consultancy basis.   
 
“Paul has been instrumental in the growth and success of the group, making Winterhill a leader in asset, property and receivables valuation, disposal and collections businesses, acting for clients in the restructuring, banking and asset based lending sectors.”
 
He added: “Moygannon have worked with Winterhill for many years and have been involved in several financing projects for our clients. We look forward to working with our new partners to continue the growth of the business, with the backing of their excellent industry contacts and financial strength.”
 
Roly Houchin of Moygannon added: “We are delighted to be involved in Winterhill Largo. It’s a business we know well and which has demonstrated tremendous growth in recent years. We look forward to helping support the business to develop further and to assisting the Winterhill client base in new and innovative ways, leveraging our sector expertise and financing solutions.”
 
Winterhill Largo has recently acquired Knutsford-based Audit ID in April 2014 following the 2012 acquisition of Sovereign Credit Management in Horsham, Sussex.
 
He said: “We aim to consolidate our market position and focus again on our core asset and receivables business. We have plans for further UK wide regional office openings in the coming months,” Neil Duckworth added.