Wakefield tire business acquired as MD buys out long-term partner
Tire company Top Treads has undergone a management buyout.
The Wakefield-based business is now solely owned by managing director Steve Evans, who acquired shares from long-term partner Michael Blackshaw through a newly-formed holding company.
Top Treads wholesales retread commercial tyres for local councils, international fleets and owner operators in the North.
The company was founded in 1991 and today employs over 40 people. As Europe’s largest independently owned Bridgestone-certified tyre retreader, Top Treads operates from factories in Crigglestone and the Wirral, Merseyside.
Steve 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.”
He continued: “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.”
Paul Davison of PD Tax Solutions provided tax advice on the transaction. Accounting and deal structuring advice was provided by Chris Dix Accountants.
Sharon Lowther, of NatWest, arranged the acquisition funding.
Daniel McCormack, corporate partner at law firm Lupton Fawcett, gave legal advice to the newly formed holding company.
Daniel commented: “Top Treads is a great Wakefield business with bags of potential to grow still further.
“It was a pleasure to work alongside Paul and Chris, plus Sharon at Natwest, to help get the deal done. With Steve’s drive and determination I am sure that the future is bright for Top Treads.”
The buyout was completed for an undisclosed sum.