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Hull-Based Holiday Home Manufacturer Completes MBO
Irwin Mitchell Advises HSBC On Deal
Atlas Leisure Homes, a £35m-turnover holiday home manufacturer, has been acquired in a management buyout.
The MBO at the Hull-based business which employs more than 250 staff, 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.
Paddy Sturman, banking and finance partner at Irwin Mitchell in Leeds, provided legal advice to HSBC together with Robert Farrell, Clare Davitt and Laura Wiles .
The business will continue to trade as Atlas Leisure Homes under the direction of the new management team which consists of Steven McGawn, Philip Spark and Colin Jeffery.
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."
Founder and exiting shareholder of Atlas Andy Innes added: "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."