Invoice discounting deal enables Yorkshire MBO

20/03/2008

A team of businessmen in Yorkshire have been able to carry out a management buyout (MBO) of a firm that had run into some serious financial difficulties.

The Academy Print Solutions company was taken over by administrators late last year but two of its former managers were convinced that the business had money-making potential and secured an invoice discounting deal to buy it back.

Venture Capital was able to provide the funding for the MBO of what is now named The Print Academy, the bulk of which was protected through the government's small firms loan guarantee scheme, Creditman reports.

"We had an urgent funding requirement and Venture acted quickly and professionally to fully understand our needs and then presented a suitable solution," said Justin McFarlin, managing director of The Print Academy.

Meanwhile, a report from Barclays recently revealed that 2007 saw a record number of new businesses were established in the UK.