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Shorts has revealed it led the sale of BullsEye Superfactors Limited, a family-owned car parts and accessories retailer and motor factor, to an employee-owned trust.
The £4.5m deal, comprising a £2.5m term loan and a £2m invoice discounting facility, was financed by NatWest.
According to Shorts, the deal will enable Bullseye Superfactors Limited to facilitate a smooth transition to employee ownership.
Established in 1981, BullsEye Superfactors Limited has grown from a single shop in Thorne to become a “prominent player” in the automotive aftermarket industry.
With 18 high street branches across Yorkshire, four large motor factor sites serving the local garage trade, and a significant online presence, the company boasts an extensive inventory of over 150,000 car parts and accessories, catering to the diverse and evolving needs of customers.
BullsEye has around 160 employees in the South Yorkshire area and an annual revenue of approximately £17m.
By selling the company to its employees, BullsEye is ensuring that its workforce becomes direct beneficiaries of the company’s continued success.
Andy Ryder, corporate finance partner at Shorts, said: “We have worked with the business for several years, since advising on the original management buy out. When it came to look at succession planning once again, we really enjoyed supporting the owners and the management team , helping them decide which option would best meet their objectives.
“It was clear that a sale to an employee ownership trust would be the optimum solution, protecting the legacy of the business and providing the employees with a fantastic opportunity. It has been highly rewarding working with all the parties to achieve a successful outcome. With a highly motivated management team, we are looking forward to seeing the next successful chapter in the business story of this great local business.”
Adrian Wesbroom, managing director at BullsEye, added: “As a family-owned business, we are proud of the legacy that we have built over the years and we’re excited about the opportunities that lie ahead as we transition to employee ownership.
“With the funding package and support provided by NatWest, we are confident that this transition will not only safeguard the future of our business but also empower our employees to contribute to and benefit from our ongoing success.”
