Chiks supports buyout at £10m timber firm
A £10m turnover timber supplies business with four North West depots has been acquired by one of its directors in a multi-million-pound deal.
North West Timber Treatments Ltd has been acquired by Roger Mayor who has bought out his brothers and fellow directors Henry, Andrew and Robert Mayor. The value of the deal is undisclosed.
The business has its head office in Ashton-in-Makerfield and depots in Walkden, St Helens and Skelmersdale. It provides timber supplies, sheet materials, and building products, as well as timber and garden products including sheds, playhouses, fencing, and decking.
The corporate finance team at Chiks advised Roger Mayor on the transaction, providing support with fundraising, tax planning and deal management. Funding for the buyout was provided by Yorkshire Bank. Forbes Solicitors provided legal advice to Roger Mayor.
Damian Walmsley, partner at Chiks, said: “This deal has allowed three of the owners to exit the family firm and realise value from a business that has been built up over 30 years. Meanwhile, Roger can continue investing in and growing the business for the future.”
Andrew Gleave, commercial relationship manager at Yorkshire Bank said “We were delighted to assist Roger and provide funding for this transaction through our SME growth initiatives. The growth and prosperity of regional economies is critical to the success of the UK economy and we look forward to working with Roger as he continues to build and develop the business.”
North West Timber Treatments shareholder and managing director, Roger Mayor, said: “This was a particularly complex deal made to run smoothly by having the right calibre of professionals around me. I am looking forward to building on my existing business and when it comes to future expansion I know that I have the right people in house and externally to help me.”
Pauline Rigby, partner and head of corporate & restructuring at Forbes, said, “This is a fantastic opportunity for all parties involved who all exit the deal with a different strategy. I wish Roger all the best and hope to see NWTT go from strength to strength.”
North West Timber Treatments has 76 staff and supplies the building and DIY trade across Greater Manchester, Merseyside and Cheshire, offering both a pick-up and delivery service for customers.
The business was incorporated in 1986. In its most recent accounts, for the year ended 31 December 2015, it had sales of £9.74m.
The team from Chiks comprised Damian Walmsley, corporate partner, Michelle Taylor, senior tax planning director and Paul Bennett, corporate finance senior manager.