Granby in talks for a £3.8m Management buyout
The move will see managing director Joanne Varey become majority shareholder while Stephen Bentley, who acquired Granby from the Omnicom Corporation, will become chairman and remain a minority shareholder.
Craig Parsons, IT director at Granby, will also become a minority shareholder in the business.
The company is based in Blackburn, employing over 100 people, and a spokesperson told Packaging News there was no restructuring planned.
It provides services such as direct marketing, e-commerce fulfilment, and warehousing and distribution to a blue chip client base which includes Sainsbury’s, England and Wales Cricket Board, Department for Education and The Information Commissioner’s Office.
“It’s a fantastic opportunity for us to continue building on the growth and success Granby has undergone in recent years,” said Joanne Varey, managing director at Granby Marketing Services.
“Most importantly, it enables us to ensure we’re still delivering a seamless experience and offering to our existing client base, whilst also giving us the tools and capabilities to seek new revenue prospects.”
Enterprise Ventures provided £1.35m from its EV Growth fund to support the buy-out, with NatWest providing £600,000 term debt alongside a £500,000 working capital facility from RBS Invoice Finance, and the remainder coming from investment by directors.
Wayne Thomas, investment director with Enterprise Ventures, added: “Granby is a profitable, well positioned services business with an impressive, long-standing client base. It has invested heavily in IT over recent years to keep pace with new technologies. With large companies increasingly outsourcing non-core activities such as direct mail and fulfilment, the market is growing and Granby is well placed to take advantage of the opportunities.”