Leeds Plywood & Doors Limited acquired in management buyout by Stuart Gordon

A distributor of doors has been acquired for an undisclosed sum in a management buyout (MBO) deal.

Accountancy firm Azets advised on the MBO of Leeds Plywood & Doors Limited (LPD). Stuart Gordon has now become the controlling shareholder of the second generation family-owned business.

The Leeds-based business was founded in 1981 and has a workforce of over 250 employees.

LPD has been manufacturing, importing and distributing internal and external doors for the domestic UK market for over 40 years. It also has a furniture division.

(l-r) Richard Weston, Tariq Javaid, Stuart Gordon and Sandip Khroud pictured at LPD Doors in Leeds. (Photo by Matt Wilkinson/Anthony Devlin Photography)

Its customer portfolio includes Magnet, Wickes and Selco.

Stuart Gordon, managing director of LPD, said: “LPD has been in my family for over 40 years and I am excited to take ownership.

“I’m looking forward to continuing to grow the business through new customers and products whilst also continuing to recognise the important role our trading partners play and build on the mutually beneficial long term relationships we have.

“I am hoping to bring inspiration and innovation through implementing solutions and continuing to put unrivalled attention to detail into everything we do, with a commitment to moving towards a sustainable future with transparent supply chain and environmentally responsible practices.

“We're on a fantastic journey and our loyal and committed employees share the vision I have.”

Tariq Javaid, corporate finance partner and Richard Weston, corporate finance manager from Azets provided corporate finance advice to Stuart Gordon, including deal structuring, finance raising and project management.

Sandip Khroud, partner, and Rebecca Bennett, senior associate, from Hill Dickinson, provided legal advice to Stuart. Funding was provided by HSBC led by Helen Philips with legal support from Pinsents.

Mr Javaid said: “This deal demonstrates the vibrant business environment in Yorkshire: LPD is a real success story, built on family entrepreneurship, innovation and quality, and Stuart is in a fantastic position to take it from strength to strength.

“This is a great deal and demonstrates the strength of the Yorkshire deals market. LPD is a long standing Azets client and we look forward to working with Stuart and the team on his growth journey."

Mr Gordon said: “I have received terrific support from Tariq and the team at Azets who’ve advised us for many years and have helped us navigate and negotiate the transaction.

“I appreciate the dedication of the team in managing a smooth process throughout and delivering a successful transaction.”