Skipton Business Finance has provided an £800,000 funding deal to facilitate the management buyout of a Glaswegian wholesale fruit and vegetable supplier.
Graham Nicol & Dow Limited has been a trusted name in the fresh produce supply chain since the 1960s; and is now entering a new chapter following the retirement of owner, Douglas Scott.
The business has been acquired by long-serving director, David McLellan, and head of sales, Paul Barnes, with the support of a flexible invoice finance facility and Growth Guarantee Scheme (GGS) loan from Skipton Business Finance.
McLellan said: “Paul and I are proud to take the reins of a business that means so much to us and to the customers we have worked with for so many years.
“The support from Skipton Business Finance was critical in making the buyout possible – not just the funding but taking the time to understand our plans and business and buying into our vision.
“We’re really looking forward to building on the strong foundations laid by Douglas and grow into new areas backed by a lender that also understands the challenges and opportunities in our industry.”
Matthew Garside, regional sales director for Scotland at Skipton Business Finance, said: “This is a fantastic example of what tailored funding can achieve for regional businesses with strong roots and exciting growth plans.
“Graham Nicol & Dow has built a trusted reputation across Glasgow, and we’re proud to have played such a pivotal role in supporting David and Paul as they take the business forward.”
“At Skipton, we aim to provide funding that enables continuity, safeguards employment (particularly local), and opens doors to innovation and exciting growth plans – no matter the sector.
“We’re looking forward to seeing Graham Nicol & Dow Limited succeed in its new chapter of ownership.”
