Founded locally in Astley in 1963, Lakeland Laboratories Ltd (Lakeland) is a UK firm that researches, develops and manufactures chemicals in the UK and internationally, with a product portfolio consisting of bespoke amphoterics, phosphate esters, wax emulsions and surfactant blends for the automotive, agrochemical, oilfield and industrial cleaning industries.
Our long-standing client of over fifteen years, and during the year in which the company celebrated its 60th year in business, Lakeland appointed LWA to advise on the Management Buy Out and appointment of new directors, in 2023, as an additional service to our existing advice managing the company's accounts.
Led by our Director, Les Leavitt, and supported by our Tax Manager, Nickie Antley-Slater, LWA worked with board members at Lakeland including existing Shareholder and Managing Director Paul McCormack; Finance Director Eric Seddon; Sales Director Cath Buckley; Technical Director Sarah Oliver, Engineering Director Jamie Clark, and former Shareholder John Thomson who stayed on as Production Director. The LWA team also liaised closely with key stakeholders and other advisors on the MBO including global law firm Hill Dickinson.
Les's and Nickie's roles were to assist with a structure that allowed the objectives of both the sellers and the incoming management team to be met. Having worked with the shareholders for many years and having a clear understanding of their objectives meant we were able to structure the business for sale to the incoming management in a way that would work for all parties. This required knowledge of both the tax and the accounting implications.
Lakeland have also previously utilised the technical knowledge and skills of our Director Steve Collings throughout the duration of our working partnership, which has included being appointed as auditors of their pension fund involving collaboration with various stakeholders including investment managers and actuaries.
Commenting on our services, Colin Mallard, former and now retired Finance Director at Lakeland Laboratories Limited says “We transferred Lakeland's audit and accounts preparation from KPMG over 15 years ago. Since that time LWA have provided other services and I trust in LWA to provide Lakeland with the expert and up to date advice and services required for the business.”
If your business is considering a Management Buy Out, LWA are here to offer our technical expertise with the timely provision of accurate detailed management information which is vital when advising on an MBO. In addition, our team has the ability to be personable in order to make successful decisions based on knowledge of your business processes and culture, which we will work hard to gain a thorough understanding of as part of our ethos of Know, Like and Trust.
Take a look at the detailed feature of our work on the Lakeland Laboratories MBO which was covered in Lawyer Monthly magazine.