Management buy out for Glasgow timber firm27 July 2017
One of Glasgow’s most established family-run timber and builders’ merchants has announced the completion of a management buy-out (MBO).
Kelvin Timber, which has two branches in the West of Scotland - one in Milngavie and another in Hamilton – has been supplying timber, decking and building goods to the construction industry since 1970. The business was set up by brothers Frank and Vincent McHugh.
With assistance from Scottish accountancy firm, French Duncan, Kelvin Timber has officially undergone a MBO – the new owners are Frank’s son, Richard McHugh, who has been involved in the business since the age of 15, taking on the role of director in 2011, and the company’s existing managing director Mark Maginnis, who has worked for Kelvin Timber since 1994.
“This MBO is the start of an exciting new era for the company, and while we do not intend to make significant changes, we have identified subtle modifications with the aim of facilitating growth and driving performance,” said Kelvin Timber’s director, Richard McHugh.
Shawbrook Bank provided funding to the new team and Macdonald Henderson acted as legal adviser.