Harrogate-based home furnishings retailer The Yorkshire Linen Company has announced the completion of its management buyout (MBO), forming a new holding company, YLC Holdings.
Ross and Kirsteen Leventhal, who founded the business back in 1993, have sold the company to its senior management team, which sees the duo reduce their shareholding from 95% to 40%.
The remaining shares are divided between the management team, led by finance director Linda Shreeve. The team includes Neil Bowyer, Stephen Edmundson, Julia Wilson and Jeff Worrall.
The deal, which remains undisclosed, was financed through company cash reserves along with a short-term loan from the Leventhals. Christian Hunt, partner at Langleys Solicitors in York, advised Ross and Kirsteen on the transaction while Garbutt & Elliott provided tax advice.
Ross said: “We are pleased to stay involved with the business as our exit will be phased over the next three years. There is a fantastic, loyal team here and, as a family business, we want to support them.
“The aim is to strengthen the existing business and then expand towards 100 stores over a five-year period.”
The Yorkshire Linen Company has 43 branches, mainly in the north of England, which specialise in the sale of home furnishings such as bedding, duvets and curtains.