Moray company Keith Builders Merchants has been sold in a management buyout (MBO).
Managing director Jeff Smith and colleague Kevin Mitchell have taken over at the independent firm after Allan Bartlett, who had owned it for a number of years, decided to step down.
The pair, who have been managing the company for the past seven years, have almost 50 years’ service at KBM behind them.
Mr Smith declined to comment on the value of the management buyout but said it would help the business to achieve “ambitious growth targets,” which include plans to expand throughout Scotland.
Founded in 1988, KBM supplies a wide range of building materials to commercial customers and the public.
The company, which has depots in Keith and Forres, employs a workforce of around 50 and has annual turnover of more than £10 million.
Mr Smith said the management buyout was “great news” for the firm’s customers, employees and suppliers.
He added: “The deal isn’t about change; it’s about protecting the core values of the business, which have been in existence since the company was formed over 30 years ago.
“This MBO ensures the retention of the leadership team and enables a longer- term strategic focus, which will, ultimately, help the business to achieve its ambitious growth targets.
“It’s about continuing to put the customer first throughout the life cycle of the buying experience, from initial contact with our sales team, right the way through to the delivery of the products.
“These are the family values which the business was built upon and which we will continue to make our priority in the future.”
He continued: “I am delighted to be working with the same key people who have made us into the strong company we are today, and which has the prospect and real desire to become a much bigger player within the builders’ merchant sector in the future.
“Kevin and I are extremely pleased to pick up the baton from Allan and we would like to thank him publicly for this great opportunity.
“We now look forward to continuing and developing our trade with both suppliers and customers and, most importantly, safeguarding and furthering the careers of employees who have spent many years with the company and, just as importantly, remaining as an independent builders’ merchant.”
He also expressed his thanks to Barclays Bank, which helped with the buyout.
