Commercial kitchen firm plans growth following MBO
Accounts and services manager Richard Garfitt has taken over Denby Catering Equipment in a management buy out as founder managing director George Hartley retires.
The £1.8m turnover business specialises in the design, supply and installation of catering equipment for commercial kitchens, from one-off replacements to total re-fits.
Garfitt, 29, joined the business ten years ago in an office administration/purchase ledger role, going on to manage client accounts, developing extensive product knowledge and becoming involved in all aspects of the business’ operations, including project quotations and design.
The firm has established a strong track record working with local authorities across the UK to supply commercial kitchens in schools, colleges, universities and hospitals, as well as in care homes and sheltered housing accommodation. Its clients include Derbyshire County Council and Wakefield Council.
The deal, completed in June, was supported by Calvin Dexter from Calvin Dexter Financial Solutions in Leeds, who acted as fundraising adviser for the MBO, and funded by an SME loan from Mercia, with the Mercia team led by Mike Rogers. Legal advice to Garfitt-Robinson Holdings Limited was provided by Nicola Cooper of Clarion; with financial advice from Mark Spencer of Beaumonts Chartered Accountants in Wakefield.
Hartley said, “Having spent the last 40 years in the catering sector, I have passed on as much knowledge as I can to Richard who joined us early in his career with the appetite and potential to learn, and has demonstrated he has the versatility to flourish in a company like this. He knows the business inside-out and his skills now cover our entire process – I am happy to be leaving Denby in his capable hands.”
Garfitt added: “Having established a niche serving the public sector, and a proven track record of meeting the exacting service required, we’re fortunate to work with such wonderful customers. Denby Catering Equipment provides work for numerous staff and sub-contractors and I am proud to be taking it forward.”
Calvin Dexter said, “This is an inspiring story, seeing a nineteen-year-old rise through the ranks to ultimately become the owner of the company is a real achievement. I am delighted to have been able to play a part in helping Richard to purchase, and George to exit, this longstanding and successful business. I wish both Richard and George well and look forward to watching the business go from strength to strength under Richard’s stewardship.”
Mike Rogers of Mercia added, “Denby has built a compelling reputation in the industry and a solid customer base in the region. In recent years Richard has played an integral role in its success. We are pleased to be able support this deal which will give him full control of the business as it enters the next stage of its growth journey.”
Mark Spencer of Beaumonts said, “Having worked with George throughout the Denby journey, I have seen George build a really successful business on the back of excellent personal service and customer relationships. His knowledge and experience has been passed over to Richard who has now taken over the reins and his enthusiasm, drive and ambition to grow the business will ensure continued success.”
