Importer and wholesale distributor Cave Direct has announced the completion of a management buyout (MBO) and the appointment of a new Board of Directors.

The MBO was facilitated by Kreston Reeves and heralds a new era for Cave Direct Ltd as it not only secures its long-term future but also ensures the continuity as a family owned and run business.

The new Board will consist of Neil Kitching as Managing Director, Laurence Smale as Sales and Marketing Director, and Micheal Rochester as Operations Director. Current owners Colin Gilhespy and Louise Smale will remain in the company as Chairman of the Board and a Director respectively.

The board also welcomes Anthony Hurst as a Shareholder and Cave Direct stalwart.

The Board would like to thank Colin and Louise for their dedication and drive during the last 40 years to make Cave Direct what it is today. Their knowledge and experience are widely recognised and highly valued in our industry.

Colin Gilhespy stated: “Putting in place a succession plan that ensured continuity for our staff, customers and suppliers alike was crucial in implementing this new structure.

After our very humble beginnings all those years ago, I am thrilled that Cave Direct can now continue in the same vein and has a very exciting future in the hands of our new Shareholders and board members whilst retaining the family involvement.

Neil, Laurence, and Mike, who all started in sales, have been involved in the growth of the business over the last decade which afforded Cave Direct the recognition as one of the UK`s top 1,000 businesses to inspire on no less than 3 occasions.

They have had responsibility for sales, HR, marketing, purchasing, portfolio management, operations, ecommerce, and many other commercial duties, so they are well prepared for the new challenges and responsibilities that the MBO opportunity will demand.”

Neil Kitching commented: “I am delighted and honoured to have the opportunity to continue to work with such a high-quality management team. The deal has ensured a natural transition and represents an exciting opportunity for our team to focus on our vision for the future.

We are very pleased that Colin & Louise have agreed to continue to add their vast knowledge and understanding of our industry to our Company. We plan to stick to the core family values that our company and suppliers adhere to.

As with any important business change, we will continue to work closely with our customers, partners, and suppliers to ensure the transition process is seamless, and that we guarantee that our customers will always receive the same high standards of service that they, rightly, expect.”

This is the beginning of an exciting period for Cave Direct, that the Board and Management team are confident will facilitate future growth and opportunities for all involved.