Southport businessman Nick Taylor has sold the haulage business he founded 14 years ago to his management team in an £8.75m deal.Mr Taylor, chairman of Taygroup, and Paul Craven, the company’s finance director, have sold their shareholdings to an MBO team led by sales director Jon Wright and operations director Lloyd Dennaford. Mr Craven will remain with the firm in his current capacity.
Mr Wright and Mr Dennaford secured funding for the acquisition from the Royal Bank of Scotland (RBS).
Taygroup, founded in Burscough, is an independent haulage group, specialising in distribution and warehousing for a blue chip client base that includes Ikea, Tesco, Cereal Partners UK and W Jordan (Cereals). The group comprises of three companies – Taylored Lines, Beeline Transport & Distribution and The Jolly Big Shed Company.
Taylored Lines and Beeline Transport & Distribution are based on a 2.5-acre site in Wigan, having previously been located at Burscough and Skelmersdale. The group also has locations at Biggleswade in Bedfordshire, Cardiff and Batley in West Yorkshire. Taygroup, which was established in 1993, employs 133 people and has a fleet of over 300 trucks across their four locations.
Nick Taylor, said: “After 14 years with Taygroup one of the most important considerations of the deal was to ensure customers continue to receive an excellent service. I’m delighted Jon and Lloyd have taken control as they know how the business operates and will bring continuity and stability to the company.”
Adrian Cayton and Jeff Cummins from RBS Commercial Banking in Southport led a team that included colleagues from the group’s Lombard and Invoice Finance divisions. Corporate Finance advice and expertise was provided to the management team by Jeremy Cole of Cole Associates and to the vendors by Craig Richardson of Dow Schofield Watts LLP.
Mr Cayton said: “Nick has built Taygroup into a national haulage chain with an excellent name in the market. He is leaving the com-pany in very capable hands and I’m sure the company will contin-ue to be successful in the future.”
Hill Dickinson lawyers acted for RBS and DWF represented the management team. Financial due diligence was undertaken by PKF and Dilligencia and commercial due diligence by MBD.
Source: www.icliverpool.icnetwork.co.uk