Mazars advises on management buyout of Atlas Leisure Homes Ltd.
01 February 2019
Mazars, the international accounting and advisory firm, has advised the new management team on the successful management buyout of £30million turnover Hull-based Atlas Leisure Homes Limited (“Atlas”), a leading designer and manufacturer of holiday homes.
Established in Hull for over 30 years, Atlas has built a reputation for quality, innovation and exceptional customer service under the exiting shareholders, Andy Innes, Bruce Harry and Barry Pattison. The new management team, consisting of Steven McGawn, Philip Spark and Colin Jeffery, is delighted to accept this opportunity and is well-positioned to build on the growth and reputation of the business for the continued benefit of its employees and customers.
The Mazars team was led by Leeds-based Mazars Partner Rob Burton and Jonathan Newton. 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.
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”.
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. Dan Wilson, Relationship Director for HSBC UK, North Yorkshire and Humber, 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.”
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.
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”.