Mincoffs Solicitors has advised NEL Fund Managers on a six-figure investment supporting the management buyout of Gateshead-based commercial kitchen specialist GastroNorth.
The investment came from NPIF II – NEL Debt Finance, managed by NEL Fund Managers as part of the Northern Powerhouse Investment Fund II.
The funding enabled managing director Tim Whitfield to acquire the business and pursue plans to expand its market presence, invest in its people and improve operational efficiency.
GastroNorth delivers commercial kitchen projects for customers across a range of sectors. The buyout marks the next stage in the company’s development, with plans to explore further opportunities across the commercial kitchen and catering infrastructure sector.
Max Gilchrist, associate solicitor in the corporate team at Mincoffs Solicitors, advised NEL Fund Managers alongside colleagues at the firm.
Max said: “It was a pleasure to support NEL as manager of the NPIF II – NEL Debt Finance Fund on its investment into GastroNorth and to work alongside all parties involved in bringing the transaction to a successful conclusion. This investment demonstrates a shared commitment to supporting and strengthening the North East hospitality sector, and we are proud to have played a role in helping achieve this important milestone for GastroNorth. We have thoroughly enjoyed working with the teams throughout the process and look forward to seeing the positive impact this investment will have. We wish everyone involved every success as they embark on this exciting next chapter.”
Clive Owen’s corporate finance team supported GastroNorth’s management team with sourcing debt finance, the initial valuation and deal structuring for the exiting shareholder. Swinburne Maddison provided legal advice to GastroNorth.
To discuss legal support for an investment or management buyout, contact Max Gilchrist in our corporate team.
Photography: Simon Williams, Crest Photography
Mincoffs Solicitors has provided expert legal services and advice across the North East and beyond for more than 75 years.
Alongside dispute resolution, the firm’s offering includes corporate, commercial services, real estate, employment, licensing and gaming, residential conveyancing, family and wills, probate and trusts.
