Online catering supplier Headway Point is to expand its team throughout the north following a deal secured by an award-winning firm of advisers.
The Teesside-based management consultancy has bought Cumbria’s RG Distributors in a deal negotiated and structured by Anderson Barrowcliff, which offers a range of corporate finance and compliance services.
Headway Point, which focuses on strengthening and growing ambitious small and medium-sized enterprises (SMEs), has worked with Anderson Barrowcliff for the past four years, and saw an opportunity to acquire RG Distributors earlier this year.
Following tough negotiations, owner Duncan Evershed, who established Headway Point in 2012, is hoping to grow the combined business to £10 million in revenue over the next five years.
Duncan said: “Supplying catering equipment using an online platform is a new venture for me, but I can see huge potential. The business is well structured has a great model that can be further improved to enable growth.
“While the process been stressful at times, working with Anderson Barrowcliff, along with Archers Law, enabled me to conduct extensive market research knowing the legal and financial due diligence was in safe hands.
“The Anderson Barrowcliff team also supported me to secure the necessary funding to provide stability while I grow the business.”
The Cumbria and Teesside teams are now working together via a virtual office, using third party logistics to enable orders to be fulfilled quickly. As well as adding new product lines and exploring new sectors, Duncan, who’s been in business in the North East for more than 25 years, is planning to establish a local office and grow his teams in both locations.
James Dale, Partner at Anderson Barrowcliff added: “Headway is a fantastic business to work with and Duncan is a true entrepreneur. Since completion, RG Distributors, which has two warehouses totalling 20,000 sq ft, continues to go from strength to strength and the seller has been extremely supportive in helping Duncan settle in.”