Distributor plotting further expansion following MBO

Simon Noble and Ross Darroch

Managers at a North West distributor of furniture and storage components have taken a controlling stake and plan to expand the business.

LDL, based in Hadfield, Glossop, supplies trade customers across the UK with components such as runner, lift and hinge systems for kitchen and bedroom applications.

It has grown steadily since it was established in 2003. It currently employs 35 staff and has a turnover of around £14m.

LDL has been acquired by Ross Darroch and Simon Noble, the company’s finance and operation directors, respectively, from its founder and managing director, Simon Ogden, who will retain a minority shareholding.

The buyers were advised by the corporate finance team at accountancy and business advisory firm MHA Moore and Smalley. The acquisition was funded through a combination of debt and invoice finance provided by HSBC.

Ross Darroch said: “LDL enjoys a market leading position built on service innovation, technical excellence and synergistic relationships with our brand partners. We’re incredibly excited to lead LDL through a new period of growth, building on these strengths to expand the existing market share and developing new opportunities with brand partners.”

The management buyout will enable Simon Ogden to step back from his full-time role while allowing the business to continue in its current growth phrase.

MHA Moore and Smalley’s advisory team was led by head of corporate finance, Andrew Feeke, alongside corporate finance manager, Robert Holgate. Colin Abrahams and Hasan Hashmi provided tax advice.

Robert Holgate said: “Simon’s leadership has seen LDL experience strong growth over the past 20 years. This transaction will allow Ross and Simon to build on the company’s solid foundations and continue this growth trajectory over the long term.”

Umberto Vietri and Charlotte Gooch, from AWB Charlesworth Solictors, provided legal advice to the buyers.

Matthew Murphy, senior relationship manager, HSBC, said: “LDL is a business which has a history of sustainable and managed growth. Ross and Simon have a deep understanding of the business, the industry which LDL operates in, and have excellent relationships with the company’s customers.

“We see great potential for continued expansion going forward.”

Click here to sign up to receive our new South West business news...
Close