Private equity group Sovereign only concluded its latest fundraising in May but has wasted little time in pledging funds to support the £14 million management buyout of Lindley. The catering business will continue to be led by chief executive Alex McCrindle and his team. With Sovereign’s backing, they ‘plan to increase market share by winning more contracts in both mainstream and niche sports facilities’. They also hint that ambitions are starting to turn towards potential acquisitions.

To Sovereign Capital partner Andrew Hayden the transaction is brimming with potential already. ‘Lindley has established a reputation for high standards of quality and has built a market-leading business in a niche sector,’ he explains. ‘The management team have all the skills to take advantage of the opportunities for growth both within and beyond the market and we believe Lindley [has the potential] to become a substantial UK business.’

Venture capital trust Leisure & Media was among those selling its stake in Lindley through the transaction.