Management buyout of Coastal Windows
HMT, led by partner Andrew Thomson, were appointed by Peter Anderson at Lloyds TSB Commercial Finance to perform the financial due diligence for the management buyout of Coastal Windows, a division of the Heywood Williams Group.
Originally established in 1971, Coastal Windows manufactures aluminium doors and windows for the retail and trade home improvement market, focussing exclusively on the trade market through its national network of authorised dealers and approved installers. It currently employs circa 125 people at its premises near Wareham, Dorset, and has become one of the larger PVC-u window, door and conservatory manufacturers in the UK.
Following a decision by its parent, the Heywood Williams Group to exit window fabrication, Mr Jeremy Beling, the Managing Director of Coastal Windows, was given the opportunity to pursue an MBO.
HMT performed the financial due diligence on behalf of Lloyds Bank Commercial Finance, who provided the funding for the MBO. The tight reporting deadline was met because of the excellent working relationship with the fund providers and the management team.
Andrew Thomson commented:
“Coastal Windows is a well established business, and the MBO is an exciting opportunity for Jeremy Beling and his team.”