Azets, the largest regional accountancy firm and business advisor to SMEs, has advised on the MBO of Leeds Plywood & Doors Limited (LPD) for an undisclosed sum.
Founded in 1981, with a workforce of over 250 employees, it is a 2nd generation family-owned business of which Stuart Gordon has now become the controlling shareholder.
Azets provided corporate finance advice to Stuart Gordon on the MBO.
LPD has been at the forefront of manufacturing, importing and distributing internal and external doors for the domestic UK market for over 40 years. The company’s aim has always been to set the standard in high quality, cutting edge door design in the UK. The furniture division is also one of the leading suppliers of quality furniture at competitive prices across the UK.
As a market leader within the industry LPD counts some of the leading B2C UK nationwide businesses in its customer portfolio including Magnet, Wickes and Selco.
Tariq Javaid, corporate finance partner and Richard Weston corporate finance manager from Azets provided corporate finance advice to Stuart Gordon, including deal structuring, finance raising and project management. Sandip Khroud, partner, and Rebecca Bennett, senior associate, from Hill Dickinson, provided legal advice to Stuart. Funding was provided by HSBC led by Helen Philips with legal support from Pinsents.
Stuart said: “LPD has been in my family for over 40 years and I am excited to take ownership.
"I’m looking forward to continuing to grow the business through new customers and products whilst also continuing to recognise the important role our trading partners play and build on the mutually beneficial long term relationships we have.
"I am hoping to bring inspiration and innovation through implementing solutions and continuing to put unrivalled attention to detail into everything we do, with a commitment to moving towards a sustainable future with transparent supply chain and environmentally responsible practices.
"We're on a fantastic journey and our loyal and committed employees share the vision I have.
"I have received terrific support from Tariq and the team at Azets who’ve advised us for many years and have helped us navigate and negotiate the transaction. I appreciate the dedication of the team in managing a smooth process throughout and delivering a successful transaction.”
Tariq said: “This deal demonstrates the vibrant business environment in Yorkshire: LPD is a real success story, built on family entrepreneurship, innovation and quality, and Stuart is in a fantastic position to take it from strength to strength. This is a great deal and demonstrates the strength of the Yorkshire deals market. LPD is a long standing Azets client and we look forward to working with Stuart and the team on his growth journey."