£6m conveyor belt firm sold
A CHORLEY conveyor belts company has been bought by its management team, for an undisclosed sum.
Directors Mark Gladwin, Christopher Iddon and Andrea McKenna have completed a management buyout of LVS IMAS Ltd from majority shareholder John Kelso, who is retiring from the business.
The Whittle-le-Woods company, which has a £6m turnover and employs 12 staff, supplies conveyor belts and equipment to sectors including manufacturing, processing and waste recycling.
Andrea McKenna, director of LVS IMAS, said: “We supply conveyor belts to a wide range of industrial sectors and we are seeing increased demand in the waste recycling and green manufacturing markets in particular.
“This MBO allows us to take the business forward, continuing our development in these key growth areas.”
The corporate finance team at Moore and Smalley Chartered Accountants advised the management team, raising the necessary funding to complete the deal. Funding was provided by Lloyds. Legal advice was provided by Napthens solicitors.
Stephen Gregson, corporate finance director at Moore and Smalley, said: “Mark, Chris and Andrea have been successfully running the business for several years and this MBO represents the natural next stage in the development and growth of the company.”
