Managing Director Steve Evans has assumed sole ownership of the business via a newly-formed holding company for an undisclosed sum following the purchase of shares from long-term partner Michael Blackshaw.
The group, founded in 1991, employs more than 40 staff and is Europe’s largest independently-owned Bridgestone-certified tyre retreader, with factories in Crigglestone in Wakefield and the Wirral. It uses the world-leading Bandag retreading production process, which is highly controlled and regularly audited with all employees trained and certified by Bridgestone Europe.
Steve Evans said “I am delighted to have been able to complete the buy out and provide a well-deserved exit for Mick. We first started working together at Top Treads over 20 years ago, and we have been a great partnership. I’m looking forward to building on the foundations that have been put in place over a long period time, and am confident that Top Treads can go from strength to strength.
I am particularly pleased to retain Mick’s expertise within the group on a consultancy basis and he will continue to retain and develop key accounts in Yorkshire.”
Tax advice was provided by Paul Davison of PD Tax Solutions with accounting and deal structuring advice from Chris Dix Accountants. Acquisition funding was provided by Sharon Lowther of NatWest.