MBO for West Yorkshire tyre company
Wakefield-based Top Treads, which wholesales retread commercial tyres for local councils, international fleets and owner operators across the North of England, has completed a management buy out.
Managing director Steve Evans has assumed sole ownership of the business via a newly-formed holding company for an undisclosed sum following the purchase of shares from long term partner Michael Blackshaw.
The group, founded in 1991, employs more than 40 staff and is Europe’s largest independently-owned Bridgestone-certified tyre retreader, with factories in Crigglestone in Wakefield and the Wirral.
Evans said: “I am delighted to have been able to complete the buy out and provide a well-deserved exit for Mick. We first started working together at Top Treads over 20 years ago, and we have been a great partnership. I’m looking forward to building on the foundations that have been put in place over a long period time, and am confident that Top Treads can go from strength to strength.
“I am particularly pleased to retain Mick’s expertise within the group on a consultancy basis and he will continue to retain and develop key accounts in Yorkshire.”
Tax advice was provided by Paul Davison of PD Tax Solutions with accounting and deal structuring advice from Chris Dix Accountants.
Acquisition funding was provided by Sharon Lowther of NatWest.
Legal advice to the buy out company was provided by Daniel McCormack, corporate partner at Lupton Fawcett.
He said: “Top Treads is a great Wakefield business with bags of potential to grow still further. It was a pleasure to work alongside Paul and Chris, plus Sharon at Natwest, to help get the deal done. With Steve’s drive and determination I am sure that the future is bright for Top Treads.”
