MBO keeps it in the family at £27m manufacturer
FOUR members of the senior management team at Coachman Caravan Company have acquired the £27m-turnover business.
Managing director Elliott Hibbs led the management buyout, keeping the business in the family as he takes over from his father Jim Hibbs who founded the company 30 years ago along with business partner George Kemp.
The other directors who are acquiring the business include technical director Ian Kershaw, finance director Steve Shipley, and purchasing director Jason Thompson. Production director Alan Roberts will also be staying on the senior management team but is not involved in the buyout directly.
The MBO deal for the caravan manufacturer was supported by a finance package from HSBC.
The first Coachman caravan was built in a small factory in Hull in 1986. Since then, it has grown into a £27m-turnover firm that made pre-tax profits of £744,535 in the year to 31 August 2015.
It said the rise of the staycation had prompted growth in recent years as domestic sales continue to grow.
Elliott Hibbs said: “The senior management team have worked for Coachman for many years and it is very pleasing that the commitment and hard work can be recognised, through this wonderful opportunity. We will continue to grow in a careful and controlled manner ensuring that we continue to manufacture exceptionally high quality caravans and that the company remains a very good employer to all of our 188 staff.”
Adam Kelly, deputy head of corporate banking for HSBC in North Yorkshire & Humber said: ” HSBC has a long relationship with Coachman, during which time the company has grown and flourished. I’m pleased we have been able to provide the financial package needed to support this MBO.”
HSBC were advised by Andrew Jackson Solicitors, the MBO team by Rollits and sellers by Gosschalks.
