Shorts recently teamed up with Bell & Buxton and HSBC UK to act as lead advisors, legal representatives, and funders on the management buy-out of architectural ironmongery and general hardware distributers, Chase Hardware Ltd.
Chase Hardware Ltd was founded in 1978 and prides itself on its extensive product range. It is noted in the industry for great customer service and high stock availability, supplied from its head office in Uttoxeter. Existing Director James Thomas has been at the forefront of the development of the business and has now taken full control following the acquisition of 100% of the share capital from the long-term owner Robert Roebuck. The management buy-out of Chase Hardware by James from Robert was made possible thanks to the support of a six-figure funding package from HSBC UK.
Andy Ryder, Corporate Finance Partner with Shorts comments: “In these challenging times it is fantastic to see that transactions can be successfully completed. Chase is a great business and James has been key to driving that success over recent times. It was therefore a pleasure for myself and Adam Ames to advise James on completing the buy-out and we expect to see the business continue to go from strength to strength.”
Corporate Finance Partner at Bell & Buxton, Alex Ross added “Although funded corporate transactions have been difficult to complete since lockdown began, HSBC clearly bought into the ability of James as a manager and an individual and were very proactive in ensuring this deal was completed on pre-lockdown terms. James’ tenacity in ensuring the deal completed after months of delays should stand the business well in the future.”
James Thomas added “Having been in The Hardware & Ironmongery business for over 20 years and with Chase Hardware for the last 10 years, I am delighted to finally complete the management buy-out and to drive the business forward. We have a young dynamic team that are all excited to modernise the business, work more closely with our customers and firmly re-establish our identity in the market. Although it was a rollercoaster ride to get the deal done during such a difficult time, the company proved to be robust enough to trade successfully during the lockdown period. We reported continued growth and things are now looking even brighter for our future success.”
HSBC were advised by Duncan Shepherd of Wake Smith (legal advice) and Hawsons (financial due diligence), and the vendors were advised by Joanna Dawson of Dawson Radford Solicitors.
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