Former Taygroup chief Nick Taylor has sold the business in a management buyout deal worth £8.75m. Taylor, who founded the business 15 years ago, has chosen to retire but will still be "an adviser to the company", says sales and marketing director Nigel Greenslade. Control of the business now goes to managing director Jon Wright and operations director Lloyd Dennaford. Wright was previously sales director at the Biggleswade-based firm. Finance director Paul Craven also sold his part of the business to the management team, but retains his post.
The new team secured funding from the Royal Bank of Scotland to buy the business. Greenslade says: "It's not been a spontaneous move. [Taylor] had this in line for a while," adding that plans for a sale were being discussed before Christmas. The £22m turnover company will be opening a new depot in Meltsham, Chippenham, in the near future, involved with the business it currently handles for Cereal Partners, which is also moving to the area.
Wright says: "Our customers are looking for operational flexibility with exacting standards of performance. The ability to be highly responsive and pro-active to change is a culture we have developed in Taygroup and has contributed particularly to our success in transport. "I want to emulate this attitude within the shared user warehousing market and see this as our key focus for business growth." Taygroup has recently merged its other two brands - Taylored Lines and Bee Line Transport - into the single Taygroup brand.
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