Management Team at Movers secure MBO
Johnsons Moving Services, a leading specialist domestic and commercial relocation, removal and storage company, has recently secured a deal for a management buyout of the company.
The business, which dates back to 1871, operates UK wide from its head office in Cheshire, with branches nationwide, and provides a full service offering and project management solutions to a range of clients.
When the former owner indicated a wish to change direction to pursue other interests, the experienced Management Team, comprising Gareth Hilton and Warren Hamlin, stepped up with the offer of a management buyout (MBO) of the company.
The Howard Worth Corporate Finance team assisted with the transaction, offering support to the MBO team with aspects of the fundraising for the deal. The team prepared detailed business projections, which aided the approval of the final transaction. A tax review was also undertaken.
The deal was funded by HSBC and the MBO team’s legal advisers were Butcher & Barlow Solicitors.
Richard Barnett, Managing Partner at Howard Worth commented: “We are extremely pleased to help Gareth and Warren successful acquire the business. The team has been strengthened recently with our appointment of Christian Goulding as Head of Corporate Finance and we look forward to working closely with Johnsons as the business progresses.”
Speaking about the MBO, Gareth Hilton, Managing Director at Johnsons said: “Warren and I have worked together for 16 years. We have both been instrumental in the growth of Johnsons and when the opportunity arose, the MBO made perfect sense.”
“We have a great relationship with Dean Smith at HSBC, which really helped to move things along quickly. Jonathan from Butcher & Barlow worked tirelessly to help make this happen, and the Howard Worth Corporate Finance Team worked to quick timescales, delivering all the projections and plans to help satisfy the funding requirements.”
Gareth added: “We are looking forward to seeing continued growth with Johnsons, and focusing on our new brands – Johnsons Lab Logistics and Johnsons Project Management.”
Tom Carter, HSBC’s Area Director for Liverpool, Cheshire, North Wales and Staffordshire, said: “We are delighted to be supporting Johnson’s Moving Services and its new owners as the business begins a new chapter in its history. Gareth and Warren have an ambitious strategy to target new markets and increase the business’s offering to customers. We look forward to seeing Johnson Moving Services and its new management team flourish.”
The deal was arranged by Dean Smith, HSBC’s Corporate Relationship Director for Staffordshire and Cheshire.
