- Family-owned BullsEye Superfactors Ltd transitioning to employee ownership
- NatWest-funded deal will see 160 employees share ownership of car parts and accessories firm
- Shorts acted as lead advisors on the transaction, including valuation, fundraising, tax advice and project management
- Sale ensures future for the South Yorkshire-based company
BullsEye Superfactors Limited, the renowned family-owned car parts and accessories retailer and motor factor, has announced the sale of the business today to an employee-owned trust. The eight-figure deal, financed by NatWest, is a significant milestone for the South Yorkshire-headquartered firm and its dedicated workforce of around 160 locals, ensuring the company’s ongoing success and fostering a culture of shared ownership and responsibility for the future.
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. The company’s proactive approach to adapting its product range to align with the increased ownership of electric cars underscores its commitment to innovation and customer satisfaction.
Liam Douglas, Relationship Director at NatWest, said:
“We are thrilled to support BullsEye in this transformative journey to employee ownership, supporting a local company with big ambitions in the hands of employees who are rooted in the community."
“We recognise the importance of nurturing local businesses and empowering their workforce to drive sustainable growth. This deal not only secures the future of BullsEye, but also reinforces our commitment to supporting businesses to start, scale and grow.”
With around 160 employees in the South Yorkshire area and an annual revenue of approximately £17 million, BullsEye has long been a cornerstone of the local economy. By selling the company to its employees, BullsEye is ensuring that its workforce becomes direct beneficiaries of the company’s continued success, fostering a sense of ownership, pride and shared purpose amongst the staff team.
Adrian Wesbroom, Managing Director at BullsEye, said:
“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.”
NatWest’s funding support for the deal includes £4.5 million in facilities, comprising a £2.5 million term loan and a £2 million invoice discounting facility, enabling Bullseye Superfactors Limited to facilitate a smooth transition to employee ownership while continuing to deliver exceptional service to its customers.
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”.
Paul Trudgill, partner in the corporate team at Knights, who created the Employee Ownership Trust, said:
“After advising the exiting management team in the original management buyout several years ago, it was a pleasure to be involved in the transition of the business to its employees as the latest stage in its development. We have no doubt that this will continue and increase the success of the business in the long term”.
For further information contact
Vonnie Sandlan, yvonne.sandlan@natwest.com, 07401 278778
Photo
Please feel free to use the attached image alongside any story. Pictured left to right:
Daniel Atchinson (NatWest), Amelia Rowan (NatWest), Stacy Phillips (BullsEye), Liam Douglas (NatWest), Adrian Wesbroom (BullsEye), Paul Trudgill (Knights), Scott Godfrey (Bullseye), Peter Turk (Knights), Samantha Simpson of BullsEye, Laura Hayes (Shorts) and Andy Ryder (Shorts)
Notes to Editor
About NatWest
NatWest serves customers in England, Wales and Western Europe, supporting them with their personal, private, and business banking needs. NatWest helps customers from opening student accounts, to buying their first home, setting up a business, and saving for retirement.
Alongside a wide range of banking services, NatWest offers businesses specialist sector knowledge in areas such as manufacturing and technology, as well as access to specialist entrepreneurial support.
About BullsEye Superfactors Ltd
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. The company’s proactive approach to adapting its product range to align with the increased ownership of electric cars underscores its commitment to innovation and customer satisfaction. BullsEye employs over 160 people in the South Yorkshire area and after undergoing a management buyout in 2019, the transition to employee ownership as of April 5th 2024 represents the next step in the company’s evolution.
About Shorts
We are not your average accountancy firm. We’re a team of specialists all pulling in the same direction. With a long-standing heritage of almost 135 years, we’ve grown from a local business to a nationally recognised award-winning firm.
We are home to some incredible expertise – specialists have come to us from some of the world’s leading firms, bringing years of experience that they have shared and continue to hone.
Today, we’re recognised as an award-winning, leading regional firm, that’s not just delivering, but that innovates; using deep knowledge, technology and expertise to find new ways to make our clients’ business better and their personal finances stronger.
About Knights
Knights is the largest regional legal and professional services business in the UK. With over 1,500 colleagues based in 23 locations around the UK, we are ranked as one of the top 40 legal businesses in the country. We provide a full suite of legal services to businesses as well as private wealth services to high net worth individuals.
