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.
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