Tue, 25 May 2010 | MBO/MBI
Luggage brand Antler has been bought out of administration in a management buy-out deal worth £15m.
Lloyds Development Capital, the government-owned bank's private equity division, supported the deal. Lloyds is also Antler's main lender and therefore had a say in the administration proceedings.
The luxury travel and holiday luggage retailer was established in 1870 by J. Boultbee Brooks and is based in Bury, Lancashire. The company also has offices in China and the US. It is believed that a substantial proportion of its sales stem from its activity in the US, Australia and North Europe.
The new management team plans to focus its efforts on expansion into markets in Asia and the Middle East.
Dropping the pension scheme was one of the motivating factors for the move into administration. The pension deficit is thought to be between £8.8m and £16m, depending upon the basis for the calculation.
Michael Fallon, who is to become the chairman for the Treasury Select Committee, expressed his concerns about possible conflicts of interest and the amount of debt that Lloyds is converting into equity. UKFI can expect to be questioned about such deals at the select committee when parliament reconvenes.
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