IT hardware supplier Tinglobal has been purchased by private equity firm NVM in a management buy-out deal worth £6 million.
It has been reported that Andy Vickers, former managing director of Canon UK and Ireland, is to join the firm as business development manager at the same time. The move sees him replacing non-executive director Hugh Stewart who has exited Tinglobal.
Tinglobal chairman Mr Gutteridge commented on NVM’s and Mr Vicker’s new involvement in the company: “The combination of NVM’s funding and support, and Andy’s strong corporate background and extensive industry knowledge will help the business to develop and grow within the refurbished equipment and services market.”
With operations in Cirencester and London and over 80 employees, Tinglobal supplies its mid-to-high-end IT hardware products to more than 900 businesses in 45 countries, including five of the biggest IT equipment makers, system integrators and distributors.
It specialises in refurbishing and selling second user and reconfigured mid-to-high end IT devices: products which large businesses are now more willing to purchase in an effort to cut back on costs.
Refurbished hardware makes up approximately 95 per cent of Tinglobal’s sales. For the year ending 31 May 2010, the firm recorded revenues of £23.15 million, with pre-tax profits of £1.02 million.
Going forward, the business intends to bring greater focus on growth through expansion and developing its range of products.
