A long-established Glasgow wholesaler of fruit and vegetables has entered a new era of ownership, backed by an £800,000 funding package from Skipton Business Finance.
Graham Nicol & Dow Limited, a staple of the city’s fresh produce supply chain since the 1960s, has been acquired in a management buyout following the retirement of its owner, Douglas Scott.
The business is now under the leadership of director David McLellan and head of sales Paul Barnes, both of whom have been with the company for over 15 years and 20 years respectively.
The buyout was supported by a flexible invoice finance facility and a Growth Guarantee Scheme (GGS) loan provided by Skipton Business Finance.
The funding structure was designed to ensure a smooth transition of ownership while maintaining continuity of service for the firm’s customer base, which includes independent retailers, hospitality venues and food service operators across the Glasgow area.
Speaking about the deal, David McLellan said: “Paul and I are proud to take the reins of a business that means so much to us and to the customers we have worked with for so many years. The support from Skipton Business Finance was critical in making the buyout possible – not just the funding but taking the time to understand our plans and business and buying into our vision.”
He added that the new management team was keen to honour the company’s legacy while pursuing expansion into new markets, with the continued backing of a finance partner that understood the sector’s operational demands.
Matthew Garside, regional sales director for Scotland at Skipton Business Finance, said the transaction illustrated the role that specialist funding can play in safeguarding and growing regional businesses. “This is a fantastic example of what tailored funding can achieve for regional businesses with strong roots and exciting growth plans,” he said.
“Graham Nicol & Dow has built a trusted reputation across Glasgow, and we’re proud to have played such a pivotal role in supporting David and Paul as they take the business forward. At Skipton, we aim to provide funding that enables continuity, safeguards employment (particularly local), and opens doors to innovation and exciting growth plans – no matter the sector.”
The deal was introduced to Skipton by Kevin Gaughan of Glasgow-based DMK Finance.
Skipton Business Finance, a wholly owned subsidiary of Skipton Building Society, provides invoice factoring and invoice discounting to SMEs across the UK.
Pictured (L-R): Matt Garside, David McLellan, Kevin Gaughan, Paul Barnes, David Irvine
