NatWest supports Docherty Chimney Group's latest acquisition


NatWest supports Docherty Chimney Group's latest acquisition

Docherty Chimney Group, the UK's largest independent supplier of chimney products, has acquired Midlands's competitor MMF with the support of a £3.5m funding and working capital package provided by NatWest.

Supporting corporates

19 February 2014

Established over 50 years ago, Docherty Chimney Group manufacture and distribute quality flue and chimney products across the UK and Ireland.  Managing Director, Allister Moorcroft was looking to expand their regional presence at a time the management team at MMF were looking to retire.  Docherty and MMF will continue to trade as separate businesses and will retain all members of staff. The two companies will have a combined turnover of £20m and boast 140 employees. It will also increase their geographical remit by a further 6 branches - vastly improving the ability to supply products and provide customer support across the UK.

David Buckmaster, relationship manager at NatWest and Andrew Matthews from the bank's structured finance team worked in partnership to provide the funding package to support Docherty’s latest acquisition.  David has worked closely with this company for a number of years with Andrew’s corporate finance experience helping structure the deal.

Allister Moorcroft, Managing Director of Docherty Chimney Group commented: "With the acquisition of MMF, Docherty Chimney Group is another step closer to achieving its goal of becoming the UK's preferred supplier of chimney and related products. Rising distribution costs mean our customers increasingly require us to provide a wide range of products available locally at short notice. Adding MMF's network of branches and the expertise of their staff means we have dramatically improved our ability to serve our customers across the country. Docherty Chimney Group is now well positioned to meet the demands of a growing but still very competitive market thanks to the support and expertise of our banking partners at NatWest."

Andrew Matthews, Director of structured finance at NatWest commented: "NatWest have been aware of Docherty’s expansion plans for a while and I’m delighted we could support the acquisition of MMF. David Buckmaster and I wish them all the best as they expand the business with their new colleagues at MMF."

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