The co-owner of catering equipment and supplies distributor, Nivek Catering Supplies, has bought out his business partner.
Kevin Slater has purchased the 50% shareholding of fellow founder Kevin Hanson in a move that aims to usher in a new phase of growth for the Maidstone-based company. It is also aimed at supporting the implementation of the business’s succession plans.
Nivek – Kevin spelt backwards in honour of its founders – provides light equipment and non-perishable kitchen, cleaning and packaging supplies to local schools, universities, sports clubs and businesses across London and the South East.
The deal will leave Slater the sole owner of the business following the buyout, supported by operations director Richard Barrett, and sales director Nick Dwyer. Over the medium term, the deal should help prepare the company for expansion and subsequently deliver new jobs.
NatWest was the bank providing the financing for the buyout. Slater explained: “The deal with NatWest will enable us to begin the process of passing the business on to our directors, and to set it up for a period of prosperity as more local businesses are supplied by the company.
“We are confident that this financing puts Nivek in an excellent position to capitalise on opportunities in the marketplace and benefit the community as a result.”
Launched in 1990, the dealer has grown to generate over £4.5m in turnover and it supplies over 500 customers. The company currently employs 26 people.
NatWest senior relationship manager, David Trinder, said: “Nivek provides tremendous value to a number of the South East’s vital public centres and businesses. We look forward to what the future will bring for the business as it transitions to new ownership and looks to build on its success.”