Well-known Birmingham retailer’s MBO is Deal of the Month
THE management buy-out of well-known Birmingham–based furniture retailer Lee Longlands has been chosen as TheBusinessDesk.com’s West Midlands Deal of the Month for November.
In an undisclosed deal advised out of Birmingham, and facilitated by the incorporation of new parent company Financial Holdings (Midlands), the executive board of directors acquired a 72% controlling stake in the Lee Longlands Group, which has six stores located across the Midlands.
Its flagship store is in Broad Street, Birmingham.
The retail group employs 107 people and has a turnover of £18.7m.
The new executive board, comprising Darren Campo, Steve Tressler and Robert Lee, will have full decision making control over all group activities and will look to increase their shareholding to 100% within the next three years.
Campo, financial director for Lee Longlands, said: “This MBO ensures the retention of the leadership team and enables a more longer term strategic focus, which will ultimately help the business to achieve its aggressive growth targets.
“This deal isn’t about change, it’s about protecting the core values of the business, which have been in existence since the company was formed over 100 years ago.”
The MBO was led by Campo, with support and advice from RBS, Clement Keys, the Wilkes Partnership and Finance Birmingham.
Explaining the Deal of the Month choice, TheBusinessDesk.com editor Andy Coyne, said: “Anyone growing up in Birmingham in the 1960s and 1970s will be familiar with the Lee Longlands name, not least of all because of that insistent ‘leave it to Lee’ TV advert jingle.
“It’s a venerable Midlands business operating in as field dominated by nationals and it’s a credit to its management team that it is doing so well.
“The MBO will give that management team the chance to take things on to another level and I await future developments with interest.
“The fact this deal was advised out of Birmingham makes it doubly pleasing.”
