Derby based professionals help Derby Express Couriers deliver MBO
A management buyout has seen Derby based total logistics providers Derby Express Couriers (Overnight) sold by founding shareholder Nick Taylor to directors, Lorraine Sharp and Susan Hill.
The business, renowned for reliability, quality of service and customer care is a total logistics provider offering overnight parcel delivery service, a next-day pallet service and a worldwide delivery service. During her 12 years working at Derby Express, Lorraine has driven the business forward resulting in a number of awards for quality service. Susan has been instrumental in growing both the sales team and the customer base. The MBO means Lorraine and Susan can now lead the business during the next phase of its development and build on its already strong reputation.
Lorraine commented: “Susan and I are privileged to be able to lead the business to the next stage. We take pride in offering a quality and reliable service to all of our customers and are completely committed to keeping our customers and staff at the heart of all that we do. We had great support from our team of advisers through-out the MBO process meaning we could remain focussed on running the business on a day-to-day basis.”
The Derby Express MBO team were advised by the Corporate Finance team from the Derby office of Dains, the Midlands based firm of business advisers. They said: “Lorraine and Susan have a fantastic opportunity to shape the future of the business as owners. A number of Derby based professionals worked on this important transaction and its completion is a testament to the quality of the advisers working in the Midlands.”
The funding was provided by Teresa Geraghty, Business Development Manager of ABN AMRO Commercial Finance. Teresa commented: “It was good to work with the local business community on this excellent opportunity for the management team. It‘s always great to be able to provide such a dedicated team with the ongoing working capital they need to move the company forward.”
During the sale process, Nick Taylor was advised by James Bagley of Smith Cooper, the Midlands based accountants and business advisors. James commented “Derby Express Couriers were one of Smith Cooper’s first clients over 20 years ago, our long standing and close knit relationship with both Nick and the business meant that we were able to provide the best advice in order to deliver a successful transaction for Nick. Derby Express Couriers are an award winning business known for their high quality service, and we wish Lorraine and Susan every success as they continue to take the business to the next level.”
Legal advice to the management team was provided by Derby lawyers Ran Oren and Martyn Brierley from Flint Bishop Solicitors. Fraser Cunningham and Fiona Boxwell of Smith Partnership advised the vendor.