MBO deal has concrete foundations
THE managing director of a £30m-turnover concrete flooring specialist has completed an MBO.
Kevin Louch has bought Stanford Industrial Concrete Flooring in West Bromwich, with the founders Cliff and Barbara Stanford retiring. The value of the deal was undisclosed, but the company generated profits of £3.0m in the year to March on turnover of £31.4m.
The company provides high tolerance concrete flooring to companies in the UK and overseas and includes Amazon, M&S and BMW in its client list.
Mr Louch has been managing director for half of his 18 years with the company and is also joint-chairman and director of construction organisation Build UK.
He said: “This deal represents a really exciting opportunity to continue to grow the business in what is a highly competitive logistics and warehouse environment.”
Mr Stanford added: “Kevin has been with us for nearly 20 years and has done a fantastic job in the day-to-day running of the business.
“Now that we have decided to retire, we feel we are leaving the company in a safe pair of hands with solid foundations in place for it to grow even further in the coming years.”
Walsall-based Baldwins Accountants advised both parties on the deal, with Higgs & Sons Solicitors acting for the Stanford Family and The Wilkes Partnership Solicitors acting for Mr Louch.
