Management team takes over growing glass packing firm
CONTRACT packers Yorkshire Repak has been acquired by its management team.
A team led by general manager Terry Foy bought the business from its founders Neil and Diane Askham, who started the business in 1985.
They stepped back from running the business 18 months ago ahead of the management buyout process, and Mr Foy has now become managing director and majority shareholder.
He said: “Having been with the company for over 26 years, I am still passionate about the business and my main priority was to ensure that our customers continued to receive the excellent standard of service they have come to expect.”
The Barnsley-headquartered company delivers packing and inspection services to the drinks and glass container manufacturing industries. It also has factories in St Helens and Cumbernauld.
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Yorkshire Repak BV (Europe) will look after its European business based in the Netherlands but working throughout the continental mainland.
The company showed strong growth in its last set of published accounts, adding £2.5m sales to grow its turnover to £11.7m in the year to May 2014. It is due to file its latest accounts by the end of this month.
The management buyout team was advised by accountancy firm Garbutt + Elliott, led by corporate finance partner, Richard Feltham.
Mr Feltham added: “Yorkshire Repak is a highly successful and specialist service business and Terry Foy is well known and highly respected in the industry.
“All parties were keen for the business to continue to run smoothly throughout the management buyout, so we received a great deal of support from the buyers and the vendors.”
Roger Esler and Paul Herriott at Dow Schofield Watts advised the vendors and led the refinancing, with Julie Bowler at HSBC South Yorkshire providing new funding to support the deal.
Emma Greenwood of Shulmans provided legal advice to the buyout team and Nick Goulding of hlw Keeble Hawson acted for the vendors.
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