Hawsons Assist on a Management Buy Out
Swift Group, the Yorkshire based Caravan, Motorhome and Holiday Home Manufacturer, completed the second phase of a Management Buy Out (“MBO”) on the 12 March 2018, which sees management increase their shareholding.
Swift is the largest single brand leisure vehicle manufacturer in Europe, and the largest manufacturer in the UK. Over 1,250 people are employed by the Group, which was founded in 1964 by Ken Smith, the father of the current Chairman, Peter Smith.
James Turner, Managing Director of Swift Group said: “We are delighted that the strong and established relationships between all shareholders within Swift has delivered this transaction. This maintains a solid and secure base for the strategic growth of the business and retains ownership of the business within the current shareholder groups, who have together delivered the great success story that is Swift. A core aim of the deal was to ensure the long-term future of the business, and to continue the orderly transition of ownership which commenced with the first Management buyout transaction in 2012.”
Hawsons tax department advised on the tax consequence of the transaction. Tax Partner, Stephen Charles commented: “It was a pleasure to work with the management team seeing this phase of the MBO through from inception to completion. The management team have an ambitious strategy to build on the company’s success in the motorhome trade and I look forward to working with them and seeing the business continue to flourish under their management.”
Peter Smith continues as chairman and shareholder alongside the management team. Swift Group has also revealed turnover of £273m for the year to August 2017, up 8 per cent on 2016, with EBITDA (earnings before interest, tax, depreciation and amortisation) of £24m, up from £22.5m.
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