Thu, 16 May 2013 | MBO/MBI
A new media agency has launched following a management buyout in the hands of a former managing director.
Precision Creative and Media launched in Hampshire this week (14 May) after Scott Ford, the managing director of Precision's former parent company, Ten Alps Creative and Media, oversaw the MBO.
The new firm moved its assets and liabilities away from Ten Alps and is now on the path to providing its own services. It aims to offer strategic and creative direction to its clients across both traditional and digital platforms to its clients in the health, travel and leisure sectors, and the grey market.
Mr Ford spoke to The Drum about the decision: “The management and staff at the agency are tremendously excited by this opportunity and the ability we now have to further invest in our team and resources to improve and build our business.”
A statement from the chairman of Ten Alps PLC, Peter Bertram, added: “We decided on this course of action following a review of the B2B Division and the Group’s stated objective of focusing on core assets.
“The agency has been part of the Group since 2001 and has helped deliver commended creative content to an impressive list of clients. We wish Scott and all the staff a bright future in their new venture.”
The MBO went through for a net cash consideration of £133,616 and an agreed write-off of the net inter-company balances of £687,702, which was owed to Ten Alps and its subsidiaries.
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