Plant grower branches out after seven-figure MBO
A WORCESTERSHIRE plant grower and garden centre supplier is targeting expansion after completing a seven-figure MBO.
Evesham-based New Leaf Plants completed the deal with backing from NatWest.
Established in 1985 by Peter Hoddinot, the clematis and climbing plants grower operates UK wide, supplying to garden centres. The business, which employs 52 staff, also exports to Europe and Ireland.
David Higginson, the firm’s sales and marketing director, has bought the business and will now take on the role of managing director. The deal provides an exit for Peter Hoddinot, who enters phased retirement.
Additional bank funding will also see New Leaf Plants relocate to a new site by summer 2016. Allowing room for expansion and modernisation, the purchase of the 20-acre Hillview Nurseries on nearby Sandfield Lane, Evesham is expected to boost turnover to £4m and increase capacity to export.
Higginson said: “Having been with the business for 20 years, I’m delighted to now be taking the reins of New Leaf Plants, with the support of Peter and a talented management team.
“Once our move to Hillview is complete, I plan on developing our offering overseas and becoming a worldwide brand, with both America and Japan being huge untapped markets.”
Tony Airey, director of structured finance for NatWest, worked alongside the bank’s relationship director Jeremy O’Grady and business development director Andy Wyeth.
Airey said: “We are proud to have been able to provide David with the support he needed to take over what is already a well-respected and hugely successful business. Working with David and the management team, we look forward to supporting their future plans for growth.”
Daimien McConnell, from William Hinton Accountants guided New Leaf Plants on the deal, while Philip Humphreys, of Clark Holts Solicitors provided legal support. Lisa Botterill, from Nelsons Solicitors provided legal advice to NatWest, with financial due diligence led by James Carnegie at Baker Tilly.
