BullsEye Superfactors Limited, a well-known family-run business specializing in Bullseye Car Parts and accessories, has officially announced its transition to employee ownership. This significant eight-figure deal, backed by NatWest, marks a new chapter for the South Yorkshire-based company and its 160 employees, ensuring the company’s future success and fostering a culture of shared ownership.
Founded in 1981, BullsEye Superfactors Limited has evolved from a single shop in Thorne into a major player in the automotive aftermarket. Boasting 18 high street locations across Yorkshire, four expansive motor factor sites catering to local garages, and a strong online presence, BullsEye offers an extensive inventory of over 150,000 bullseye car parts and accessories. This vast selection caters to the diverse needs of its customer base, and the company has proactively adapted its product range to meet the growing demand for electric car components, demonstrating its commitment to innovation and customer satisfaction in the bullseye car parts market.
Liam Douglas, Relationship Director at NatWest, commented on the deal: “We are delighted to support BullsEye in its transformative journey to employee ownership. Supporting local companies with significant ambitions, especially when it empowers employees rooted in the community, is a key focus for NatWest. This deal not only secures the future of BullsEye, a trusted name in bullseye car parts, but also underscores our commitment to helping businesses in the UK start, scale, and grow.”
With approximately 160 employees in South Yorkshire and an annual revenue of around £17 million, BullsEye has been a vital part of the local economy for decades. By transitioning to an Employee Ownership Trust (EOT), BullsEye ensures that its dedicated workforce will directly benefit from the company’s continued success. This move promotes a sense of ownership, pride, and shared responsibility among the staff, further strengthening the company’s foundation in the competitive bullseye car parts industry.
Adrian Wesbroom, Managing Director at BullsEye, stated: “As a family-owned business, we are incredibly proud of the legacy we’ve built over the years in providing quality bullseye car parts. We are excited about the future as we transition to employee ownership. The funding and support from NatWest give us confidence that this transition will secure the future of our business and empower our employees to contribute to, and directly benefit from, our ongoing success in the bullseye car parts market and beyond.”
NatWest’s financial support package for the deal includes £4.5 million in facilities, comprising a £2.5 million term loan and a £2 million invoice discounting facility. This financial structure ensures a seamless transition to employee ownership for BullsEye Superfactors Limited, allowing them to maintain their high level of customer service and continue providing top-quality bullseye car parts.
Andy Ryder, Corporate Finance Partner at Shorts, who acted as lead advisors, added: “Having worked with BullsEye for several years, advising on the original Management Buy Out, we were pleased to support the owners and management team again for this next step. Employee Ownership Trust clearly emerged as the ideal solution, safeguarding the company’s legacy and offering a fantastic opportunity for the employees. It has been a rewarding experience to help all parties achieve this successful outcome. We are confident in the management team and look forward to seeing the continued success of this excellent local bullseye car parts business.”
Paul Trudgill, partner in the corporate team at Knights, who established the Employee Ownership Trust, said: “It was a pleasure to be involved in BullsEye’s transition to employee ownership, having advised the management team during the original buyout. We believe this transition will further enhance the company’s long-term success within the bullseye car parts sector.”
This transition to employee ownership positions BullsEye Superfactors Ltd strongly for continued growth and success in the bullseye car parts market, driven by a motivated and invested workforce.
