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The final stage of a management buyout (MBO) at an independent supplier of medical, nursing and hygiene supplies to the care sector, has been completed.
Harrogate-based Beaucare Medical’s managing director, Heather Mawrey, and commercial finance director, Joe Storr, first bought into the business in 2017 when original owner Jonathan Brown sold his controlling stake.
The pair have now bought Mr Brown’s remaining shares in the business with law firm LCF Law advising them on the deal.
Beaucare Medical has seen a 40 per cent increase in growth over the last three years and also experienced a recent surge in demand for PPE and other associated products due to Covid-19.
The second half of the MBO has been supported by funding from Santander Corporate & Commercial.
The bank funded the initial £3m MBO in 2017, which LCF Law also advised the management team on. Freeths acted for the seller Mr Brown and Santander was represented by Gunnercooke.
Ms Mawrey has played a key role in the development of Beaucare Medical over the last 15 years and Mr Storr joined in 2016, to provide finance director level support to the business.
She said: “We’ve enjoyed a busy period in the three years since Joe and I initially bought into the business. We’re extremely grateful to Jonathan for his continued input, which has created a seamless handover, and we’re delighted to complete the final stage of this MBO.”
Susan Clark, partner and head of the corporate department at LCF Law, said: “The MBO will allow the senior management team to continue building on its hard-earned successes.”
Beaucare Medical was established in 1992 by Jonathan Brown, who initially sold incontinence products and used his garage as a warehouse.
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