After more than 50 years in business, Primeur Ltd, the Bingley-based supplier of doormats and recycled garden products, is set to embark on a new phase of growth following the completion of a Management Buy Out (MBO) which will see the third generation of the family, along with one of its long-serving directors, taking the reins.
The MBO includes former sales director, Jenny Douthwaite, who becomes managing director after more than 19 years in the business, supported by buying director Rebecca Keighley and her brother, fellow director Edward Keighley. Former shareholders James Keighley and Ian Brazier will continue in their roles of chair and finance director respectively, as part of a phased retirement plan.
Founded in 1968 by James’ uncle, David Clayton, Primeur has become a market leader of domestic doormats in the UK, supplying most of the major retailers while its recycled garden products division has seen significant growth and also serves many independent garden centres. In addition to its head office and 50,000sq ft warehouse in Bingley, the company has recently invested in additional warehousing in Skipton to provide extra capacity for the garden products division. Primeur has grown to a 70-strong team.
The deal was supported by Neil Sengupta from TC Murray Harcourt who advised on the MBO from a tax perspective; and a team from Clarion with Caitlin Hare and Sarah Harrison providing legal advice to Primeur.
James Keighley, chair of Primeur Ltd, said: “Having spent so many years building up a successful business, my aim was always to keep it in the family and pass it on to my children so that, with hard work and endeavour, they could enjoy the same opportunities that I have. I am proud that they, along with Jenny, one of our most experienced directors, will be taking the helm – they are an extremely capable team and are working towards further growth with some exciting plans ahead. While it will very much be business as usual, it will be great to see this ‘fresh blood’ coming up with new ideas to take the company forward.”
Finance director Ian Brazier adds: “The MBO will enable a seamless transition with James and I on hand to mentor and support the new team in order to provide continuity for our loyal customers, suppliers and colleagues.”