One of the UK’s leading distributors of animal feeds has undergone a management buy-out ahead of celebrating two major milestones.
Chemicals and Feeds Limited, based in Maidstone in Kent, will celebrate 60 years of trading next year and has origins dating back 100 years when its former parent company was established in 1913.
The company imports fishmeal from most of the major producing countries in the world for the UK pet food and agricultural industry. It has been taken over by management team Martin Donnelly and Jackie Belfrage.
The joint-directors have bought a controlling interest in the company, which had a turnover of over £12 million in the year to May 2013. The remaining shares have been retained by shareholders whose respective families were associated with the formation of the company dating back to 1913.
The takeover deal has been completed with the support of CV Capital LLP, the corporate finance arm of accountancy firm and business advisers Chantrey Vellacott DFK. The firm has also been auditors and tax advisers to Chemicals and Feeds Limited since January 1999.
Martin Donnelly has been with Chemicals and Feeds for over 30 years in administration and trading and Jackie Belfrage joined the company in February 2000 as accountant and company secretary.
Martin Donnelly said the company is well placed to continue its success following the completion of the deal.
“Chemicals and Feeds is firmly established as one of the leading traders of fishmeal for livestock feeding and we are delighted to have completed a deal which allows us to safeguard the long-term future of the business,” he said.
“We’ve enjoyed good growth over the years and the order book is in a very good position.
“Mark Lamb from Chantrey Vellacott DFK and Debbie Clarke from CV Capital have a very good understanding of the business and our plans for the future and have played a major role in helping us structure the deal and we are delighted to get it done on the eve of the 60th anniversary of the company.”
Debbie Clarke, Head of Corporate Finance at CV Capital, said Martin and Jackie are the right team to continue the growth of Chemicals and Feeds.
“Martin and Jackie have played significant roles in the success of the business over the years and I’m certain Chemicals and Feeds will continue to thrive with them at the helm,” Debbie said.
“The company trades with countries across South America, Africa and Scandinavia and has a strong reputation across the UK and on the continent and has a bright future ahead.”
Jackie Belfrage added: “We are extremely grateful for the support of our bank HSBC plc during the whole completion of our management buy-out; they have come to know us and the business well over the past few years and we very much value their contribution and look forward to the future together.
“We would also like to convey special thanks to our solicitor Chris Simmons of DMH Stallard LLP who did a fantastic job of co-ordinating the whole process together and completion could not have been achieved without him.”
