BullsEye Superfactors Limited, the family-owned car parts and accessories retailer and motor factor, has sold the business 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.
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.”
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.
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.”
