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Management buy out of Driffield mail order company completed

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Kingstown Associates has been bought by a management team consisting of Jody Allan, Wayne Barry and Paul Chambers.

A management team has completed the buy out of Driffield mail order company, seven years after it was originally acquired.  The management trio have bought the business from former owners Nigel Mellor and David Whittle.

The company, which was founded in 2000 and turns over £18m, owns several lifestyle brands aimed at older generations. 

In 2008, Mr Whittle and Mr Mellor themselves completed an MBO of the firm with Carl Edwards.  Mr Whittle will now retire from the business in the management reshuffle, and Nigel Mellor will continue in the role of managing director to support the management team.

Steve Hubbard, Adam Fearnley and James Atkinson from RSM's corporate finance team in Yorkshire advised the vendors on the transaction while Clarion's corporate team acted as their legal advisers.

The funding for the MBO was provided by HSBC who received legal advice from Bond Dickinson while Shulmansacted for the new management team.

Source - The Business Desk