Higgs LLP has offered expert legal advice on the management buyout of Direct Trade.
Higgs’ corporate law team worked in conjunction with other advisors to help conclude the vendor-initiated management buyout, which saw the management team of Danny Colton (Managing Director), Mark Powell (Sales Director) and Jim Buckley (Operations Director) acquire the business from Steve Green, with funding provided by HSBC UK Bank plc.
Higgs were the seller’s initial point of contact when he wished to consider his succession plans. From this point Higgs advised in connection with the deal structuring and all associated legal documents.
Direct Trade is one of the UK’s largest manufacturers and trade only suppliers of PVCu windows, doors, conservatories, composite doors and aluminium bi-folding doors.
Richard Griffiths, Head of Corporate at Higgs LLP, said: “We were delighted to work with all parties to advise in this significant management buyout.
“Steve Green has built up a thriving business and the management team have exciting growth plans which they are ideally placed to exploit.
“The corporate team at Higgs has vast experience in all corporate finance matters and particularly in advising owner managers with regards to their exit plans.
“We’ve had an exceptionally busy period and we’re pleased to help businesses take the next step in their journeys, whatever that may be.”
Exiting Managing Director of Direct Trade, Steve Green said: “It has been an incredible journey building Direct Trade up to the business it is today.
“I am delighted that we have been able to provide Danny, Mark and Jim with the same opportunity that I have had, and it will be rewarding to see them continue growing the Direct Trade business in the forthcoming years.
“I am looking forward to seeing the business thrive under the new team. Between them they have many years of experience, and I am confident that the business is in safe hands.”
Direct Trade is based in Doncaster and manufactures around 2,200 window frames and 100 aluminium bi-fold doors per week, with total annual sales in excess of £32m.
