Hills Panel Products Acquired by Directors

Oldham business Hills Panel Products has been acquired by two of the company’s directors.

Brothers Stephen Hill, managing director, and Martin Hill, operations director, have bought out a share in the business which was previously held by their sister, Deborah Martin, and father Malcolm, for a seven-figure amount.

L/R Richard Mottram (financial director, HPP), Martin Hill (operations director, HPP), Mark Maden-Wilkinson (director at Pierce) and Stephen Hill (managing director, HPP).

The company, founded in 1991, has more than 135,000 sq ft of floor space on two sites, at Scottfield Road, Oldham, and Sheffield. It specialises in three areas of furniture components: board, doors and fittings, and employs about 125 staff.

Accountants from Pierce, the Blackburn-based accountancy and business advisory group, advised the brothers on the deal. The team was led by Mark Maden-Wilkinson, director at Pierce, and support was provided by David Hynes, senior manager. Funding was provided by Handelsbanken, Manchester.

Mr Maden-Wilkinson said: 'Hills Panel Products has been very successful over the last 17 years, and is now one of the market leaders in its sector.

'This deal is a real milestone in the history of the company for Stephen and Martin.'

Stephen Hill, managing director, said: 'This move has allowed Deborah and Malcolm to realise their investment in the company, and will give myself and Martin fresh impetus to take the business forward.

'Since 1991 Hills Panels Products has grown significantly, and I am delighted that myself and Martin will be able to continue this growth into the future and push the business forward even more.'

Hills Panel Products has strong working relationships with a number of leading Board and component suppliers, including Kronospan, Egger and Blum.

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Web: http://www.hpponline.co.uk