Accrington-based Nield Group has been bought by its management. The team of five, managing director Rick Ormerod, chief executive Matthew Sowerby, finance director David Menon, buying director Lester Lee and trading director Steve Fallon were backed by Venture Structure Finance for £10 million.
Accrington-based Nield Group has been bought by its management. The team of five, managing director Rick Ormerod, chief executive Matthew Sowerby, finance director David Menon, buying director Lester Lee and trading director Steve Fallon were backed by Venture Structure Finance for £10 million.
Ormerod said the team has plans to grow the business and would be targeting two areas in particular where the company was showing strong growth.
He said they would be seeking to build on the company’s own label and to develop its distribution business, where it delivered products to other wholesalers for companies such as Sara Lee and Colgate Palmolive.
Nield Group is a member of Today’s Group and specialises in toiletries, health and beauty and household products, operating a 60,000 sq ft distribution depot in Accrington and a 25,000 sq ft cash and carry in
Turnover is in excess of £40 million a year and the company has more than 4,000 independent retail customers.
