In Time clock up a MBO
The watch company gain funds for expansion and buy-out
In Time Watch Services has undergone a management buy-out backed by a £1.75m investment.
The Southport-based watch business has received £1.142m from the Merseyside Special Investment Fund (MSIF) with the remainder being the directors’ own investment. The deal represents an exit for the retail giant the Minit Group.
In Time, founded in 1981, currently employs 150 staff at its branches throughout the UK, most of which are to be found in major stores such as Debenhams, Beales, House of Fraser and Tesco.
The company offers a watch repair and services to over a half a million customers every year.
Turnover was £4.7m in 2006 and is estimated to rise to £7.8m over the next five years.
The funding will finance the acquisition and expansion of the business and In Time expects its staff number to double over the next three years.
In Time’s management team consists of managing director Angus Matheson and operations director Brian Jones, who have over 50 years combined experience in the industry.
The company has also appointed David Edwards, former managing director of Max Spielman, as a non-executive chairman.
“The investment from MSIF is crucial and we can now significantly expand the business – we are looking at lots of new concession opportunities and potential acquisitions,” Matheson said
“In addition to finance MSIF also helped source David Edwards through their extensive contact network and his appointment is invaluable given his wealth of experience.”
Legal advisors in the transaction were Craig Scott of Halliwells acting for MSIF and Terry Montague of Brabners Chaffe Street who acted for management.
David Houghton from Brabners Chaffe Street provided corporate finance advice.
Financial due diligence for MSIF was conducted by Langtons with management due diligence provided by Mkonsult.
© Crimson Business Ltd. 2007