Lee Longlands, one of the Midlands best loved furniture retailers, has
completed a management buyout for an undisclosed multimillion pound sum.
In the deal, facilitated by the incorporation of a new Parent Company,
Financial Holdings (Midlands) Ltd, the Executive Board of Directors have
acquired a 72% controlling stake in the Lee Longlands Group, which has six
stores located across Birmingham, Derby, Cheltenham, Leamington Spa and
Abingdon.
The Executive Board, comprising Darren Campo, Steve Tressler and Robert Lee,
will have full decision making control over all Group activities and will look
to increase their shareholding to 100% within the next three years. The
28% minority shareholders, made up of original family members, will have no
input into the running of the business operations.
“This MBO ensures the retention of the leadership team and enables a
longer term strategic focus, which will ultimately help the business to achieve
its aggressive growth targets,” said Darren Campo, financial director for Lee
Longlands.
“This deal isn’t about change, it’s about protecting the core values of the
business, which have been in existence since the company was formed over 100
years ago. It’s about continuing to put the customer first throughout the
lifecycle of the buying experience, from initial contact with our sales team,
right the way through to post delivery care. These are the values which
the business was built upon and which we will continue to focus on.”
The MBO was led by Darren Campo, with support and advice from RBS, Clement Keys
Accountants, Wilkes solicitors & Finance Birmingham.
The Group employs 107 people and has a turnover of £18.7m
gross sales.
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