• Service

    Corporate Finance
  • Sector

  • Location


Expect Distribution is amongst the UK’s most successful contract logistics operators within the haulage and warehouse sectors. The business was established by the Rushworth family, who have successfully run and grown it for over 30 years. In this time, its award-winning service has met and exceeded the needs of commerce and industry all over the UK. They deliver bespoke logistics packages from palletised and international distribution to contract logistics and warehousing for clients including Boost Drinks, Astonish and Card Factory.

The management team at Expect Distribution appointed Azets as they were looking to structure a Management Buy Out to secure the legacy of the business and become business owners themselves.  Azets provided corporate finance advice to Matthew Kilner and Andy Taylor the incoming management team, including advising on the deal structure and raising of debt finance to fund the deal. Rob Burton, Corporate Finance Partner at Azets in Yorkshire led and project managed the deal from start to finish and was supported by Richard Weston, Corporate Finance Manager.

The Azets team was able to secure a competitive and commercial funding package, ensuring the best terms and structure was agreed. Rob and Richard worked closely with the management teams’ legal advisors, enabling a fully project managed process and a smooth handover of ownership. This ensured minimal disruption for employees and customers and key stakeholders of the business.

Quote Icon Expect is a business that is close to our hearts, and we are excited to take responsibility for its future growth. We are really proud of what we have achieved so far and thrilled to be leading the next stage of Expect’s journey. We have taken the reins at an exciting time for the business and for the wider Logistics industry. We relish the opportunities ahead of us and look forward to realising those with the colleagues, customers and suppliers who allow the business to be a market leader. Our thanks to all parties who supported the MBO and worked with us to make it become a reality.

Matthew Kilner (Finance Director) and Andy Taylor (Operations Director) - Expect Distribution

Rob Burton, Corporate Finance Partner at Azets in Yorkshire added:

“This deal demonstrates the vibrant business environment in Yorkshire: Expect is a real success story, built on entrepreneurship, innovation and quality, and the new management team is in a fantastic position to take it from strength to strength. This is a great deal and demonstrates the strength of the Yorkshire deals market, and we look forward with confidence to 2022."

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