Thu, 10 Oct 2013 | MBO/MBI
An MBO of Shropshire Leisure Group (SIG) from RBS’s equity holding vehicle West Register has been finalised in an ongoing drive to grow the business.
The transaction was completed with backing from investment company Rcapital, with Gambit Corporate Finance acting as adviser.
Located near Oswestry, in Shropshire and established in 1998 by Derrick and Nick Dulson, SIG comprises Lion Quays Waterside Resort, an 82-bedroom, four-star hotel with five-star spa and country club; and restaurants, wedding and conference facilities. It also includes Lord Moreton, a large restaurant and pub with 45-bedroom three-star motel; and the Moreton Park garden centre. The business presently has a 276-strong workforce.
Derrick Dulson originally started out by building houses in the 1960s in Shropshire, and went on to develop retirement complexes. He later progressed to build the Moreton Park complex in 1998 and the Lion Quays Waterside Resort in 2000.
Speaking to Insider Media, Adrian Jones from Gambit, said: “To secure private equity investment to refinance a UK mainstream bank’s lending is in many ways ironic and unfortunately symptomatic of the lending environment at present. Rcapital’s skill set will complement that of the management team and I am sure this business will now flourish under its new ownership and build on what is already a successful and profitable business.”
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