Tue, 07 Aug 2012 | MBO/MBI
After completing an MBO of office equipment firm KRL Group, managing director George Baker is seeking to make new acquisitions.
Mr Baker and business partner Glenn Parrish started the management buy-out in 2009, which was entirely self-funded being unable to obtain support from banks at the time, and recently completed it.
Operating from Leeds and Bradford and with 25 staff, KRL sells and maintains office equipment including printers, scanners and photocopiers. It reported revenues of £2.5 million for 2011, an increase from slightly under £2 million three years previously. Mr Baker hopes this figure reaches £3 million for 2012, and aims to generate £5 million in the next two years.
KRL is now focusing on creating a permanent base in Leeds by buying up a rival firm.
Mr Baker told Yorkshire Post, “In this industry there’s quite a lot of people coming up to retirement age and there’s quite a few businesses that because of the climate have not succeeded so there’s opportunities to buy.”
In the 1990s KRL bought three firms in Hull, Bradford and Sheffield.
Its wide-ranging customer base includes solicitors, accountants, construction firms, as well as the Hull-based builders’ merchant MKM, which operates across the UK and Bradford City Football Club.
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