DAVID LINDSAY (POTATO MERCHANTS) LIMITED

🌳Matureactive
SC023262 · ltd · incorporated 1945-04-28
Investment thesis
Property vehicle with leveraged stack — refinance / partial-release angle.
Why interesting: Asset-backed; value largely in underlying property; lender engagement likely possible.
Why risky: Multiple lenders to manage; inter-creditor friction and partial-release cost possible.
🔒Estimated value
—
Upgrade to see
Turnover
—
year to Jun 2025
Net worth
—
book net assets
Opportunity
79/100
Strong
🔔
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What this business does
Primary activity: Other letting and operating of own or leased real estate
Sector: Real estate
Investor take
Pursue
Active trading company. Family succession underway — not a classic acquisition target.

Opportunity 79/100 (strong), bankability 77/100. Same-surname younger director in place — likely family handover, not open to sale. Share purchase looks the cleaner deal structure. Biggest value-creation lever: Consolidate lender relationships. 5 distinct lenders creates friction — refinance into single-lender structure for cleaner diligence. Most likely exit: share sale to pe / searcher (65/100).

🏦

Refinance opportunity

9 live charges · 5 lenders · oldest 27.2y

35/100
too messy

Refinance path is blocked by complexity. Rethink structure or expect bespoke, expensive terms.

  • · Oldest live charge is 27.2 years old — likely at or near maturity.
  • · 5 lenders named — inter-creditor friction likely.
  • · Legal-friction score 25/100 — workable, but lender will want more DD.

Data confidence

Overall: medium (73/100)

Adequate coverage. AI outputs are reliable for the sections scored high; verify the rest in diligence.

Company profile
address, 1 SIC codes, incorporation date
100
Financials
1 year of iXBRL accounts extracted (no YoY comparison) + narrative notes parsed
50
Lenders & charges
9 charges (9/9 with lender, 9/9 with type)
90
Directors & officers
10 officers (3 active, 10 linked, 7 with DOB)
84
Ownership & PSC
1 active PSC(s) of 1 total, 1 with control declared
90
Director network
4 connected companies via shared directors
57
Filing history
125 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
79/100Strong
PassWatchWorth a lookStrongExceptional 

Solid opportunity signal. Worth a dedicated memo and management meeting.

Business quality
70
Active, clean filings, stable charge profile.
Acquirability
80
Strong succession / seller-readiness signals.
Risk profile
77
Few red flags.
Signal strength
100
Good data coverage for analysis.

Key financials

1 year extracted from filed iXBRL accounts
Cash
—
Net Worth
—
Current Assets
—
Current Liabilities
—

Financials

Extracted from Companies House accounts · FRS 102
Metric2025-06-30
Average employees7

Amounts extracted automatically from iXBRL. Fields left blank were not reported or not mapped. Values in GBP unless stated.

🔒Filing-note intelligence

2 signals detected in this company's narrative notes — going-concern language, audit opinion, contingent liabilities, related-party transactions.

Available from the Pro tier upwards.

See pricing →

Recent activity

Last 30 days
0
filings
Last 90 days
4
filings
  • • 1 accounts
  • • 1 officers
  • • 1 confirmation-statement
Last 180 days
5
filings
  • • 2 officers
  • • 1 accounts
  • • 1 confirmation-statement
Counts from Companies House filing history.
Corporate timeline (50 events)Click to expand
  1. 2026-03-05
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  2. 2026-02-17
    📄
    appoint-person-director-company-with-name-date
    officers · AP01
  3. 2026-02-11
    📄
    change-to-a-person-with-significant-control
    persons-with-significant-control · PSC04
  4. 2026-02-09
    ➕
    LINDSAY, Charles David Forbes appointed
    director
  5. 2026-01-12
    📄
    termination-director-company-with-name-termination-date
    officers · TM01
  6. 2025-12-31
    ➖
    LINDSAY, Linzee Rannie resigned
    director
  7. 2024-10-15
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  8. 2023-11-29
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  9. 2023-02-10
    📄
    termination-director-company-with-name-termination-date
    officers · TM01
  10. 2023-01-13
    ➖
    LINDSAY, David Hendry Morton resigned
    director
  11. 2022-11-28
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  12. 2022-11-28
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  13. 2022-11-28
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  14. 2022-11-28
    🔓
    Charge satisfied #9
  15. 2022-11-28
    🔓
    Charge satisfied #8
  16. 2022-11-28
    🔓
    Charge satisfied #7
  17. 2022-11-16
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  18. 2022-03-25
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  19. 2020-11-03
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  20. 2019-10-22
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  21. 2019-10-08
    📄
    change-person-director-company-with-change-date
    officers · CH01
  22. 2019-03-26
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  23. 2018-03-23
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  24. 2017-10-10
    🔒
    Charge registered #9
    Lender: Clydesdale Bank PLC
  25. 2016-04-08
    🔒
    Charge registered #8
    Lender: Clydesdale Bank PLC (Trading as Both Clydesdale Bank and Yorkshire Bank)
  26. 2016-04-01
    🔓
    Charge satisfied #5
  27. 2016-03-31
    🔓
    Charge satisfied #6
  28. 2016-03-31
    🔓
    Charge satisfied #4
  29. 2016-02-12
    🔒
    Charge registered #7
    Lender: Clydesdale Bank PLC (Trading as Both Clydesdale and Yorkshire Bank) (Company Number SC001111)
  30. 2015-10-01
    🔒
    Charge registered #6
    Lender: Svenska Handelsbanken Ab (Publ)
  31. 2015-09-04
    🔓
    Charge satisfied #3
  32. 2015-07-23
    🔒
    Charge registered #5
    Lender: Svenska Handelsbanken Ab (Publ)
  33. 2013-03-13
    ➕
    LINDSAY, David Rannie appointed
    secretary
  34. 2013-03-13
    ➖
    LINDSAY, Wendy resigned
    secretary
  35. 2013-03-13
    ➖
    LINDSAY, Wendy resigned
    director
  36. 2010-07-31
    🔓
    Charge satisfied #2
  37. 2010-07-27
    🔓
    Charge satisfied #1
  38. 2010-07-22
    🔒
    Charge registered #4
    Lender: Clydesdale Bank PLC
  39. 2010-07-01
    🔒
    Charge registered #3
    Lender: Clydesdale Bank PLC
  40. 2005-08-17
    ➖
    LINDSAY, David Hendry Morton resigned
    secretary
  41. 2005-08-17
    ➕
    LINDSAY, Wendy appointed
    secretary
  42. 2005-08-17
    ➕
    LINDSAY, Wendy appointed
    director
  43. 2001-08-27
    ➖
    LINDSAY, Suzanne Padkin resigned
    director
  44. 1999-03-10
    🔒
    Charge registered #2
    Lender: The Governor and Company of the Bank of Scotland
  45. 1999-01-23
    🔒
    Charge registered #1
    Lender: The Governor and Company of the Bank of Scotland
  46. 1994-06-08
    ➕
    LINDSAY, David Hendry Morton appointed
    director
  47. 1992-10-06
    ➖
    LINDSAY, David Hendry Morton resigned
    director
  48. 1992-01-31
    ➕
    LINDSAY, Suzanne Padkin appointed
    director
  49. 1991-03-15
    ➕
    LINDSAY, David Rannie appointed
    director
  50. 1945-04-28
    🏢
    Company incorporated
    As DAVID LINDSAY (POTATO MERCHANTS) LIMITED

Owner dependency

99/100
Critical — business is the founder

The business appears inseparable from the founder. Acquisition without a serious earn-out or meaningful transition period would likely destroy value.

FACTORS
  • +Two-director setup: Only two active directors — typical of owner-managed SMEs but limits succession.
  • +Founder name in company name: Company name contains director surname "LINDSAY" — strong identity link between founder and business.
  • +Long-tenure founder: Senior director has been in place 35 years — deep operational knowledge concentrated in one person.
  • +Senior director age: Director aged approximately 59 — approaching natural succession window.
  • +Family involvement: Multiple officers share a surname — likely family business, which concentrates governance.

Succession & seller-readiness

26/100
Weak signal

Limited succession signal. Not a near-term off-market candidate.

SIGNALS
  • primaryFamily succession underway: Not a takeover target — LINDSAY, Charles David Forbes (same surname) appointed 2026-02-09. Pattern consistent with intra-family handover.
  • secondaryFounder aged 58+: Senior director is approximately 59. Early succession window.
  • secondaryTwo-director governance: Small-team governance. Succession depth is thin but not absent.
  • primary20+ year tenure: Director in role 35 years. Very long tenure is a classic succession signal.
  • supportingClean filings + long tenure: Disciplined long-tenure operator — classic lifestyle-business pattern that often sells quietly.

Red flags

1 med ·
Charge satisfaction-then-recreation pattern
medium

Multiple instances where a charge was satisfied and a new charge created within 6 months. Suggests active refinancing cycle.

Shareholders & ownership

1 active beneficial owner
NameSharesVoting rightsNature of controlNotified
Mr David Rannie Lindsay
Individual · British · DOB 11/1967 · age 59
50–75%
50–75%board control50-75% shares · 50-75% voting · board control · trust interest06/04/2016

From Companies House Persons with Significant Control filings. Share ranges are banded per the public PSC regime.

🔒Co-director network graph

Radial SVG graph showing every company connected via shared directors, colour-coded by status.

Available from the Pro tier upwards.

See pricing →

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Peers ranked by estimated value, then turnover, then opportunity score.See all →
🔒Tailored diligence questions

6 specific questions generated from this company's actual signals — liquidity, leverage, director age, charge count, red flags, age-of-company.

Available from the Pro tier upwards.

See pricing →
🔒Advanced scoring suite

Exit-route ranking, improvement thesis, quiet-distress detector, covenant-pressure proxy, extraction monitor, approaching triggers, ownership drift, local cluster, value trap, debt capacity, archetype classification — 48+ scoring modules.

Available from the Pro tier upwards.

See pricing →

Company details

Statusactive
Typeltd
Incorporated1945-04-28
Jurisdictionscotland
Primary SIC68209 — Other letting and operating of own or leased real estate

Registered office

Inveralmond Road
Perth
PH1 3TW

Filing status

Accounts
Next due: 2027-03-31
Last made up to: 2025-06-30
Confirmation statement
Next due: 2027-02-19
Last: 2026-02-05

Officers (3 active · 7 resigned)

LINDSAY, David Rannie→
secretary · appointed 2013-03-13
View their other companies + combined net worth →
Active
LINDSAY, Charles David Forbes→
director · ~20y · appointed 2026-02-09
View their other companies + combined net worth →
Active
LINDSAY, David Rannie→
director · ~59y · appointed 1991-03-15
View their other companies + combined net worth →
Active
LINDSAY, David Hendry Morton→
secretary · resigned 2005-08-17
Resigned
LINDSAY, Wendy→
secretary · appointed 2005-08-17 · resigned 2013-03-13
Resigned
LINDSAY, David Hendry Morton→
director · ~86y · appointed 1994-06-08 · resigned 2023-01-13
Resigned
LINDSAY, David Hendry Morton→
director · ~86y · resigned 1992-10-06
Resigned
LINDSAY, Linzee Rannie→
director · ~84y · resigned 2025-12-31
Resigned
LINDSAY, Suzanne Padkin→
director · ~56y · appointed 1992-01-31 · resigned 2001-08-27
Resigned
LINDSAY, Wendy→
director · ~56y · appointed 2005-08-17 · resigned 2013-03-13
Resigned

Click a director name to see their full track record across all companies.

Mortgages & charges

9
Total charges
0
Outstanding
0
Active lenders
Status:Lender:9 of 9 shown
TypeProperties
satisfied
Virgin Money
Clydesdale Bank PLC
A registered charge1 property10/10/201728/11/2022
satisfied
Virgin Money
Clydesdale Bank PLC (Trading as Both Clydesdale Bank and Yorkshire Bank)
A registered charge1 property08/04/201628/11/2022
satisfied
Virgin Money
Clydesdale Bank PLC (Trading as Both Clydesdale and Yorkshire Bank) (Company Number SC001111)
A registered charge—12/02/201628/11/2022
satisfied
Svenska Handelsbanken Ab (Publ)
A registered charge1 property01/10/201531/03/2016
satisfied
Svenska Handelsbanken Ab (Publ)
A registered charge—23/07/201501/04/2016
satisfied
Virgin Money
Clydesdale Bank PLC
Standard security1 property22/07/201031/03/2016
satisfied
Virgin Money
Clydesdale Bank PLC
Floating charge1 property01/07/201004/09/2015
satisfied
Lloyds Banking Group
The Governor and Company of the Bank of Scotland
Standard security1 property10/03/199931/07/2010
satisfied
Lloyds Banking Group
The Governor and Company of the Bank of Scotland
Bond & floating charge1 property23/01/199927/07/2010

Recent filings (125 total)

accounts-with-accounts-type-total-exemption-full
accounts · AA
2026-03-05
appoint-person-director-company-with-name-date
officers · AP01
2026-02-17
confirmation-statement-with-no-updates
confirmation-statement · CS01
2026-02-11
change-to-a-person-with-significant-control
persons-with-significant-control · PSC04
2026-02-11
termination-director-company-with-name-termination-date
officers · TM01
2026-01-12
confirmation-statement-with-updates
confirmation-statement · CS01
2025-02-17
accounts-with-accounts-type-total-exemption-full
accounts · AA
2024-10-15
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-02-09
accounts-with-accounts-type-total-exemption-full
accounts · AA
2023-11-29
confirmation-statement-with-updates
confirmation-statement · CS01
2023-02-24
termination-director-company-with-name-termination-date
officers · TM01
2023-02-10
mortgage-satisfy-charge-full
mortgage · MR04
2022-11-28
mortgage-satisfy-charge-full
mortgage · MR04
2022-11-28
mortgage-satisfy-charge-full
mortgage · MR04
2022-11-28
accounts-with-accounts-type-total-exemption-full
accounts · AA
2022-11-16