Wed, 11 Apr 2012 | MBO/MBI
Havelock Europa is to sell Showcard Print in an £15.25 million management buy-out to new company Ingleby (1984).
Showcard Print specialises in point-of-sale and displays. It reported revenues of £21 million for the year to December 2010 with pre-tax profits of £2.9 million. Ingleby is partly controlled by some of Showcard’s senior managers.
The deal is yet to be approved by Havelock shareholders, and will be discussed in a general meeting on 23 April. If given the go-ahead the deal will be completed by 30 April. As part of the deal Fife-based Havelock will lease its Fontana House property to Showcard for ten years, at a yearly rental income of £150,000 from 1 January 2013.
Shopfitter Havelock is to use the funds generated in the sale to bring down its debts, which were £17.2 million in June 2011.
Eric Prescott, chief executive of Havelock, spoke to Printweek about the deal, “The disposal of Showcard will enable us to concentrate on the future growth of our core business of interiors fittings and fit out services.”
"The reduction in our Group debt and the provision of amended medium term bank facilities mean that we are financially stronger and have a platform for growth,” he continued.
Bring to the market this leasehold specialist car sales and servicing facility located in Horncastle, Lincolnshire. The trade was established as a limited company in 2005.
LEASEHOLD
The company is an online vehicle purchasing platform, providing a fast, hassle-free car-selling service for the end user. A competitor to the likes of webuyanycar.com and Motorway, the company is a well-established online vehicle purchasing platform...
Bringing to the market this denim and casual wear retailer, boating a user friendly comprehensive online presence.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.