Press releases
Coastal looks to the future with new managment team
LLOYDS TSB Commercial Finance and Tenon Corporate Finance have helped secure a management buy-out at Dorset-based PVC door, window and conservatory company Coastal.
A management team led by managing director Jeremy Beling has bought the firm from parent company Heywood Williams, which has owned Coastal since 1978. Mr Beling will be joined on the new board by Peter French, who has 25 years' experience with the firm and returns as sales and marketing director.
Peter Anderson, senior regional manager with Lloyds TSB Commercial Finance, provided the Coastal management team with an asset based lending facility, while Harry Dhand, a director at Tenon Corporate Finance, was lead adviser to the management team, together with colleague Nigel Le Bas.
Coastal, which was set up in 1971, turns over around £9 million a year and employs 110 people at its base at Holton Heath near Poole. The company is one of the largest fabricators in its sector in the South of England and has more than 100 customers across the UK.
Mr Beling said the newly-formed company, Coastal Windows Ltd., will continue to trade under the name Coastal.
"This is a very exciting time for us and we are now in control of our own destiny," he said.
"Coastal is one of the longest established trade fabricators and is well respected in the industry. We now have the opportunity to drive the company forward to become the leading independent window, door and conservatory fabricator.
"Once Tenon brought Lloyds TSB Commercial Finance into the process, everything moved very quickly. Harry Dhand and Peter Anderson were very helpful and supportive throughout and we look forward to working with them both in future. "
"Coastal is exactly the sort of company that we are well placed to assist," said Peter Anderson.
"The deal we put together is a tailored financial solution which enables the company to maximise the cash available and provide extra investment without constantly having to renegotiate new overdraft limits. Coastal has a successful track record and a highly experienced management team who are passionate about the business and have a clear vision about the next phase of development. "
Harry Dhand added: "There has been minimal disruption to the business as the entire transaction was completed in less than eight weeks. Coastal is a strong consumer brand and the MBO will help to further consolidate its position. "
Lloyds TSB Commercial Finance is part of the Lloyds TSB Group plc.
