Change at Hull's Atlas Leisure Homes as it's acquired in management buyout
By Hull Daily Mail | Posted: 4 Feb 2019
A Hull based leading designer and manufacturer of holiday homes has been acquired in a management buyout.
Atlas Leisure Homes Limited has a £30m turnover, and has been established in Hull for over 30 years with more than 250 staff.
Now, a new management team will head the business after Steven McGawn, Philip Spark and Colin Jeffery bought out the firm from Andy Innes, Bruce Harry and Barry Pattison.
The new trio say they are "well-positioned to build on the growth and reputation of the business" for its employees and customers.
Steven McGawn, joint managing director at Atlas, said: “This is a business that’s close to our hearts: we understand what makes Atlas special and distinctive, and we’re excited to take responsibility for its future growth.
"We’re on a fantastic journey and our employees share the vision Atlas Leisure Homes have and are taking the opportunity to come with us on this next chapter in our history and playing their part in making the departing shareholders proud of the business they built up over the last ten years."
The business will continue to trade as Atlas Leisure Homes, with its base in Wiltshire Road.
Andy Innes, founder and exiting shareholder of Atlas, said: “For 30 years, we have built Atlas on strong values and grown a reputation as one of the leaders in our sector.
"We’re proud to leave the business in the safe hands of a management team which knows and understands it, and will continue to deliver first-class products and first-class service to our loyal base of customers”.
Mazars, the international accounting and advisory firm, advised the new team on the successful management buyout. The Mazars team was led by Leeds-based Mazars Partner Rob Burton and Jonathan Newton.
Rob Burton, partner at Mazars, said: “This deal demonstrates the vibrant business environment in Yorkshire: Atlas is a real success story, built on entrepreneurship, innovation and quality, and the new management team is in a fantastic position to take it from strength to strength.
"We’re delighted to be working with a growing number of owner-managed businesses across the north and we’re looking forward to what 2019 will bring”.
Sandip Khroud, Richard Morton and Tamanna Keir of Gateleys LLP provided legal advice to the management team. Financial due diligence on the transaction was provided by Jeff Gardner and Matt Copley of BDO. The vendors were advised by Ian Lamb at Smailes Goldie and Nick Scott at Andrew Jackson Solicitors. Paddy Sturman of Irwin Mitchell provided legal advice to HSBC.
The MBO was supported by an eight-figure funding package from HSBC UK, with Dan Wilson acting as relationship director, Ivor McTighe as global trade receivables finance director and Geoff Durkin as director of corporate banking origination.
Mr Wilson said: “East Yorkshire has a great heritage of manufacturing leisure homes and caravans, and Atlas has become an integral part of this sector over the last three decades.
"The new management team has a wealth of experience which will put the company in good stead for many years to come. We’re delighted to support Atlas as it starts a new chapter."