Workers hit the bullseye with buyout of £17m turnover car parts firm

BullsEye Superfactors Ltd, a family-owned car parts and accessories retailer and motor factor, has revealed the sale of the business to an employee-owned trust.

The eight-figure deal, financed by NatWest, is a significant milestone for the South Yorkshire-headquartered firm.

Established in 1981, BullsEye Superfactors has grown from a single shop in Thorne to become a prominent player in the automotive aftermarket industry.

With 18 high street branches across Yorkshire, four large motor factor sites serving the local garage trade, and a significant online presence, the company has an inventory of over 150,000 car parts and accessories.

Liam Douglas, relationship director at NatWest, said: “We are thrilled to support BullsEye in this transformative journey to employee ownership, supporting a local company with big ambitions in the hands of employees who are rooted in the community.

“We recognise the importance of nurturing local businesses and empowering their workforce to drive sustainable growth.

“This deal not only secures the future of BullsEye, but also reinforces our commitment to supporting businesses to start, scale and grow.”

BullsEye has around 160 employees in the South Yorkshire area and an annual revenue of about £17m.

Adrian Wesbroom, managing director at BullsEye, said: “As a family-owned business, we are proud of the legacy we have built over the years and we’re excited about the opportunities that lie ahead as we transition to employee ownership.

“With the funding package and support provided by NatWest, we are confident this transition will not only safeguard the future of our business but also empower our employees to contribute to and benefit from our ongoing success.”

NatWest’s funding support for the deal includes £4.5m in facilities, comprising a £2.5m term loan and a £2m invoice discounting facility, enabling Bullseye to facilitate a smooth transition to employee ownership.

Andy Ryder, corporate finance partner at accountancy firm Shorts, added: “We have worked with the business for several years, since advising on the original Management Buy Out.

“When it came to look at succession planning once again, we really enjoyed supporting the owners and the management team , helping them decide which option would best meet their objectives.

“It was clear that a sale to an Employee Ownership Trust would be the optimum solution, protecting the legacy of the business and providing the employees with a fantastic opportunity.”

Paul Trudgill, partner in the corporate team at Knights, who created the Employee Ownership Trust, said: “After advising the exiting management team in the original management buyout several years ago, it was a pleasure to be involved in the transition of the business to its employees as the latest stage in its development.

“We have no doubt this will continue and increase the success of the business in the long-term”.