Midlands retailer Lee Longlands has completed a management buyout for an undisclosed multimillion-pound sum. In the deal, facilitated by the incorporation of a new parent company, Financial Holdings (Midlands), the executive board of directors acquired a 72% controlling stake in the Lee Longlands Group, which has six stores located across Birmingham, Derby, Cheltenham, Leamington Spa and Abingdon.
The executive board, comprising Darren Campo, Steve Tressler and Robert Lee, will have full decisionmaking control over all group activities, and will look to increase their shareholding to 100% within the next three years. The 28% minority shareholders, made up of original family members, will have no input into the running of the business operations.
“This MBO ensures the retention of the leadership team and enables a more longer term strategic focus, which will ultimately help the business to achieve its aggressive growth targets,” says Darren Campo, financial director for Lee Longlands.
“This deal isn’t about change, it’s about protecting the core values of the business, which have been in existence since the company was formed over 100 years ago. It’s about continuing to put the customer first throughout the lifecycle of the buying experience, from initial contact with our sales team, right the way through to post delivery care. These are the values which the business was built upon and which we will continue to focus on.”
The MBO was led by Darren Campo, with support and advice from RBS, Clement Keys Accountants, Wilkes solicitors & Finance Birmingham.
The group employs 107 people and has a turnover of £18.7m gross sales.