Thursday, July 16, 2015

News: MBO at Staverton

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The directors of Rotherham office furniture and fit-out specialist, Staverton (UK) Ltd have taken majority ownership of the business following the completion of a management buy-out (MBO).

The deal for the company, previously known as the Logic Office Group, see the directors buying out managing director Mike Gardner and Warrington-based Claremont Group Interiors' shareholders.

The firm's manufacturing base is at a 35,000 sq ft factory in Hellaby in Rotherham and it also operates a showroom in Clerkenwell, London and a sales office in Westerham, Kent.

The group's history began as a wholly owned subsidiary of Black Arrow Group Plc in 1959. They joined the London Stock Exchange and grew threw a number of acquisitions, including acquiring the Staverton name in 2002.

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In 2009, a successful buy-in management buy-out of Logic Office Group took place and the directors of Logic jointly acquired a 40% stake in the business. This was complemented by a 60% stake held by a consortium of shareholders headed by office interiors specialist, Mike Gardner.

Now Turner Parkinson's Corporate team have advised Mike Gardner and other shareholders of Claremont Group Interiors on their exit.

The buy-out is expected to bring more independence to the business and sees Paul Edward, a director for more than 20 years, take the helm as managing director. The deal includes use of an enterprise management incentive scheme so that share options can be offered to Staverton directors and management in the future.

Staverton is now able to pursue additional external dealer relationships, and particular emphasis will be placed on building its reputation as a designer and manufacturer of high-end office furniture services.

Paul Edward, managing director at Staverton, said: "Staverton has started a targeted programme of building partnerships with a select number of top furniture distributors and interiors companies, spread throughout the UK. Our vision is to provide those companies the opportunity to work with a design led UK manufacturer that has a great track record creating client specific solutions.

"Our most recent product developments have been designed in response to the growing demand for Sit Stand working. We now have a future-proof bench, which offers various levels of upgrades from fixed-height through to fully programme powered and a mobile option, which gives clients the utmost in flexible working.

"The directors of Staverton would like to take this opportunity to sincerely thank Mike for his leadership of the business over the past six years as the business now has a strong foundation on which to move forward."

Staverton website

Images: Staverton

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