Shop fitting business in MBO
Article Date: May 23 2008West Yorkshire-based Sandoms, a 44-year-old shop fitting company, has undergone a management buy-out (MBO). The deal was backed with equity investment from the Yorkshire & Humber Equity Fund (YHEF) and debt from Partnership Investment Finance (PIF), amounting to a total commitment of £350,000.
The total value of the deal is undisclosed, but additional backing was provided by existing funder Cattles Invoice Finance in the form of invoice discounting facilities.
The MBO is led by managing director Garry Clark and financial director Chris Sutcliffe.
Paul Betts, investment manager at YHEF, comments: ‘[Clark and Sutcliffe] have a wealth of experience and knowledge in their market. The business has developed a number of long-term relationships with some leading high-street names and has some exciting new prospects.’
YHEF is one of nine government-backed regional venture capital funds, with £25 million to invest in growing companies, while PIF is a loan and equity fund of £37 million for businesses in Yorkshire, the Humber and North Lincolnshire. Both funds are managed by venture capital investor YFM, which was last month acquired by early-stage investment group GLE.
Sandoms’ customers include chocolate retailer Thorntons, opticians Specsavers and chain restaurant Pizza Express.
