Logistics firm changes hands in MBO advised in the Midlands
A MIDLANDS logistics firm has changed hands in a management buyout advised in the region.
The MBO has seen total logistics providers Derby Express Couriers (Overnight) sold by founding shareholder Nick Taylor to directors Lorraine Sharp and Susan Hill.
The MBO means Ms Sharp and Ms Hill can now lead the business during the next phase of its development and build on its already strong reputation.
Accountancy and business advisory firm Smith Cooper advised Mr Taylor on the deal.
James Bagley, of Smith Cooper, said: “Derby Express Couriers were one of Smith Cooper’s first clients over 20 years ago, our long standing and close knit relationship with both Nick and the business meant that we were able to provide the best advice in order to deliver a successful transaction for Nick.”
Ms Sharp said: “Susan and I are privileged to be able to take the business forward to the next stage. We are completely committed to keeping our customers and staff at the heart of all that we do. We had great support from our team of advisers through-out the MBO process meaning we could remain focussed on running the business on a day-to-day basis.”
The Derby Express MBO team were advised by Simon Bursell and Jenny Moore, of accountants Dains.
Mr Bursell said: “Lorraine and Susan have a fantastic opportunity to shape the future of the business as owners having been instrumental in its success in recent years. A number of professionals worked on this important transaction and its completion is a testament to the quality of the advisers.”
The funding was provided by ABN AMRO Commercial Finance.
Teresa Geraghty, Business Development Manager with ABN, said: “It was good to work with the local business community on this excellent opportunity for the management team. It‘s always great to be able to provide such a dedicated team with the ongoing working capital they need to move the company forward.”
Legal advice was provided by Ran Oren and Martyn Brierley, from Flint Bishop Solicitors. Fraser Cunningham and Fiona Boxwell, of Smith Partnership advised the vendor.
Smith Cooper has also assisted the owners of ‘Life and Easy’ – trading as FYB Mortgage and Protection Network – on its sale to Mortgage Intelligence, one of the largest mortgage distribution networks in the UK.
FYB Network was founded in 2004 to train and recruit mortgage and protection brokers, but in May 2007 received FSA approval to become a directly authorised network providing a comprehensive range of services for their clients.
In addition to management of the deal, Smith Cooper also provided advice on Tax and HR.
Andy Delve, Managing Partner at Smith Cooper, said: “There is a great fit between FYB and Mortgage Intelligence, as well as a big opportunity for both businesses to develop and grow. We are delighted to have worked so closely with the management team on such an exciting opportunity.”
