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Management digs worm firm
A SOUTH Yorkshire firm that sells £3 million worth of worms and insects to owners of birds and reptiles has been sold to its management team.
Livefoods Direct was founded in 1981 by Barry Hammond, who has sold the 40 employee business to a team comprising operations director Dean Jackson and Steven Evans.
The deal means the realisation of a long held ambition for Mr Jackson, who joined the business 14 years ago and becomes managing director, while Mr Evans takes on his role as operations director.
Mr Hammond will continue with the company as a consultant.
He said: "Having developed the business over the past 30 years I am delighted to have sold it to the management team ensuring a fantastic future for the customers, suppliers and staff.
Mr Hammond praised his advisers, John Longstaff of BHP Ingram Forrest, who led the fund raising exercise to finance the transacstion as well as advising on the sale, and Nick Goulding of Hlw commercial lawyers.
"My advisors worked extremely hard to ensure that the sale to Dean and Steven proceeded smoothly and I wish them every success in the future," said Mr Hammond.
The deal was funded by mortgage and senior debt facilities provided by Yorkshire Bank's South Yorkshire Financial Solutions Centre and a loan provided by Mr Hammond, himself.
The buy-out team was advised by Patrick Abel of accountants PKF and Alex Ross of lawyers Bell and Buxton.
Dean Jackson said: "We are a close knit company with a committed workforce.
"I am sure we have their support and backing to continue the success of previous years. A big thank you to all concerned, a special thanks to our advisor Patrick Abel of PKF and solicitor Alex Ross of Bell and Buxton for all their efforts."
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