Lister undergoes MBO
One of the Midlands’ largest independent distributors of industrial supplies is being kept in the family following a management buyout (MBO). The new owners of James Lister & Sons say they have “big plans to expand the business”.
The ironmongery and hardware company, which was founded in 1874, has been taken over by founder James Lister’s great great grandsons Tim, Richard and Mike Cotterill.
The brothers had previously owned 35 per cent of the company, and have now buought the remaining 65 per cent from other members of the family. They have since changed the name of the company to Lister.
Lister has 12 bases across the West Midlands, including its headquarters and national distribution centre in Smethwick.
Chairman Tim Cotterill and directors Richard and Mike have also added Peter Davies, formerly of Hager in Telford, to the team as chief executive.
Tim Cotterill said: “Business across the market continues to improve day by day, although we have not yet returned to the levels enjoyed in 2008, and plans are afoot for us to expand our operations in the near future which will include a rebrand and the launch of our new website very shortly.
“We are delighted to have added Peter Davies to the management team to support the growth of the company and we look forward to working closely with him for many years to come.
Last year the company, which employs 150 people, recorded sales of more than £14m.
The deal was completed with the support of the Birmingham office of the company’s new auditors Chantrey Vellacott DFK
Nick Simkins, partner at Chantrey Vellacott DFK, which has its Birmingham offices on Hagley Road, added: “This is a great story for the West Midlands and shows business confidence is returning in the region.
“Tim, Richard and Mike have spent all their working lives helping build up the company over the last 30 years and I’m certain Lister will be in safe hands with the three of them and Peter at the helm.”
Along with its main distribution centre and headquarters in Smethwick, Lister also has trade counters in Aldridge, Bilston, Birmingham, Brierley Hill, Great Bridge, Redditch, Telford, Wolverhampton, West Bromwich and also in Abergavenny in South Wales.
Photo caption: Lister chairman Tim Cotterill with Chantrey Vellacott DFK partner Nick Simkins.
