A major investment has been secured for a Cheltenham meat wholesaler, paving the path to retirement for two founding shareholders.
Watersheds, in Swindon, has completed a deal to deliver private investment into Collicutt Meats Limited.
The wholesaler of fresh and frozen meat and poultry was established in 1987 by four ex-colleagues, each with substantial knowledge of the industry. Over the last 30 years it has grown to employ more than 30 people, servicing independent butchers and catering businesses in the Midlands, South of England and South Wales.
The commitment by a team of private investors has enabled founding members, Bob Hughes and Alan Lewis to retire. Paul Collicutt and Gary Short will continue as directors and shareholders.
Sue Green, Director of Watersheds’ Swindon office, said: “The differences in age and geography between the shareholders meant that they had differing aspirations, both personally, and for the business.”
“We needed to find a solution that would allow those that wanted to retire to do so, whilst allowing the others to continue to drive the business forward. In the team of private investors, we found the perfect match.”
The investors bring with them a wealth of knowledge and experience which, combined with the already experienced management team, will help Collicutt Meats to continue to grow and prosper.
Speaking on behalf of the shareholders, Bob Hughes, added: “We are delighted with the deal that has been structured, which has helped us all achieve our individual goals, and provides a solid platform for the continued success of Collicutt Meats. Watersheds supported us every step of the way, and found a solution that worked for everyone.”
Financial support for the deal was provided by the firm’s accountants, Kingscott Dix and legal advice to the shareholders by BPE Solicitors.