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Mountain Warehouse management buys out Lloyds

UK outdoor clothing company Mountain Warehouse has bought out its minority shareholder LDC to take full ownership of the business.

Led by founder and chief executive Mark Neale, the £85m acquisition was backed by Royal Bank of Scotland and Alcentra.

Part of the Lloyds Banking Group, LDC had acquired a minority shareholding in the business in 2010 as part of a £47m buyout.

The 169-store chain has seen turnover rise from £47.5m to £75.6m in the last three years and has opened 60 stores during the period, including branches in Harrogate, Whitstable and Totnes.

Mountain Warehouse chief executive Mark Neale said: “We have had fantastic support from LDC in helping us expand the business despite tough market conditions. Having had four private equity investors over the last 16 years, we have now taken the opportunity to buy back full control and to push ahead with our exciting expansion plans.”

Neale, who founded the company in 1997, plans to expand the store portfolio across Europe to 300 branches, as well as develop the business’s e-commerce, which currently ships to 100 counties.

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