Family Business sold to the Next Generation

	Russell Turner Corporate Finance Director

NEW owners are in the frame at a North Yorkshire joinery company, which has been sold to three of its staff.

Garbutt & Elliott, led by Director Russell Turner provided succession advice to the vendors Maurice King & Barry Long.  The business was bought for an undisclosed sum from its founders, who have recently retired, by three senior staff members with 95 years' combined service: Peter Long, who started aged 22, and Andrew Humphries and Paul Shooter, who both joined as teenage apprentices.

Russell, Corporate Finance Director at Garbutt & Elliott Limited, has helped to groom the business for sale over the last couple of years.  “Maurice and Barry started Longwood Joinery over 35 years ago and I am delighted for them that the company name will continue to flourish under the guidance of the management buyout team.

“All parties worked closely together on this deal and it is very satisfying to help Maurice and Barry retire successfully after all their hard work.  I’m sure Peter Long and his team will build on this success.”

Maurice King said: "We have always wanted to sell Longwood Joinery to the next generation rather than on the open market. Peter, Andy and Paul have made a major contribution to the business and it is fitting to have handed it down to them so they can reap the benefits of their hard work."

Longwood Joinery Ltd, founded in 1972, based at the Thorp Arch Estate, has 28 staff and at its 20,000 sq ft factory, they manufacture timber sliding sash and traditional windows, and doorframes, staircases and timber features for clients mainly in Yorkshire.

Before acquiring the company, Mr Long, 58, was works manager, and Mr Humphries and Mr Shooter were in charge of staircase and window manufacturing respectively.

Mr Long said: "Longwood Joinery Ltd has a good reputation and has seen a 20 per cent growth in staff numbers and turnover for several years.

"We are delighted to have acquired the business which has been part of our lives for so long.

We've had fantastic professional advice.  We do not plan to change anything, but may accelerate our growth plans."