Joinery firm stays in family following MBO
NEW OWNERS are in the frame at a Yorkshire joinery company which has been acquired by three of its staff in a management buyout.
Longwood Joinery, based at Thorp Arch Estate near Wetherby, has 28 staff and £1.8m annual turnover.
It has been bought for an undisclosed sum by Peter Long, Andrew Humphries and Paul Shooter who between them have more than 95 years experience with the company.
The trio have acquired the business, which was founded in 1972, from its founders, Barry Long, brother of Peter Long, and Maurice King.
The MBO team was advised by York-based accountants and business advisers JWPCreers. Russell Turner, corporate finance director at accountants and business advisers Garbutt & Elliott, based in York, and Matthew Smith, from the corporate team at lawyers Dickinson Dees in York, acted for the vendors.
The acquisition was funded by HSBC and Mark Roberts, a partner in the corporate finance team at law firm Langleys in York, also acted for the buyout team.
Longwood Joinery occupies 20,000 sq ft of factory space and operates mainly throughout Yorkshire manufacturing timber sliding-sash and traditional windows, window and door frames, staircases and timber features for house builders including Persimmon Homes and Barratt Homes.
Before acquiring the company, Peter Long was works manager, while Mr Humphries and Mr Shooter were in charge of staircase and window manufacture respectively.
Peter Long said: “This opportunity has been on the table for us for a long time as part of Barry and Maurice's succession strategy. We have all been with the business since the 1970s and have been integral to its growth.
“Longwood Joinery has a good reputation and has seen a 20% growth in staff numbers and turnover for several years. We are delighted to have acquired the business which has been part of our lives for so long. We do not plan to change anything but may accelerate our growth plans.”
Mr King said: “We have always wanted to sell Longwood Joinery to the next generation rather than on the open market. Peter, Andy and Paul have made a major contribution to the business and it is fitting to have handed it down to them so they can reap the benefits of their hard work.”
Tony Farmer, head of the corporate finance team at JWPCreers, said: “The new management team has huge experience and has been vital to Longwood Joinery for many years.
“It has been rewarding to be part of a deal facilitated entirely by professional firms within York and which retains ownership of this business not just in Yorkshire but, in Peter Long's case in the same family. I am sure they will go from strength to strength.”
