Holiday Home Firm Completes Second MBO in Three Years
Lawyers from Irwin Mitchell’s Banking & Finance team have advised on a deal which has seen a Hull-based holiday home manufacturer complete a management buyout (MBO).
Atlas Leisure Homes was established more than 30 years ago and has 460 employees and a turnover of £38m.
The recent MBO followed the decision by existing shareholder and sales and marketing director Philip Spark to retire. The remaining shareholders, Steven McGawn (managing director), and Colin Jeffery (operations director) have acquired the shares.
Philip Spark had been with the business for more than five years and was involved in the previous MBO in 2019.
Helen Phillips of HSBC provided additional working capital to facilitate growth, with Paddy Sturman at Irwin Mitchell in Leeds providing legal advice.
Expert Opinion“We advised HSBC in relation to the previous MBO at Atlas and we are delighted to be involved in this latest transaction.
“The business has gone from strength to strength in recent years - investing in a second local manufacturing site and increasing headcount and turnover significantly. Atlas is a fantastic example of a successful British manufacturer and I’m confident that Steven and Colin will build on its recent growth.”
Paddy Sturman - Partner
Steven McGawn said: "With the sales order book being incredibly strong and the creation of two further production lines at our new Sutton Fields site, Phil felt this was the right time for him to retire from the business.
"We are grateful for the part that Phil played in both expanding our product range and growing the customer base to the current exceptionally high levels. We wish him a long and well-deserved happy retirement."
Corporate finance advice was provided by Rob Burton at Azets in Leeds.