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Investment fund helps finance acquisition
04/04/2007
A total of £1.142 million was used from Merseyside Special Investment Fund's (MSIF's) venture fund to help a management team buy out a watch repairer, it has emerged.
The Southport-based In Time Watch Services was also acquired using investment money from the directors themselves.
Overall, the finance package to complete the deal totalled £1.75 million, but those involved in proceedings suggest that MSIF's role was important in securing the takeover.
Managing director of the management team Angus Matheson said: "The investment from MSIF is crucial and we can now significantly expand the business.
"In addition to finance, MSIF also helped source [non-executive chairman] David Edwards through their extensive contact network and his appointment is invaluable given his wealth of experience."
The business itself offers watch repairs, as well as replacement straps and parts. Additionally, the group sells a selection of fashion watches including those made by Diesel and DKNY.
The Southport-based In Time Watch Services was also acquired using investment money from the directors themselves.
Overall, the finance package to complete the deal totalled £1.75 million, but those involved in proceedings suggest that MSIF's role was important in securing the takeover.
Managing director of the management team Angus Matheson said: "The investment from MSIF is crucial and we can now significantly expand the business.
"In addition to finance, MSIF also helped source [non-executive chairman] David Edwards through their extensive contact network and his appointment is invaluable given his wealth of experience."
The business itself offers watch repairs, as well as replacement straps and parts. Additionally, the group sells a selection of fashion watches including those made by Diesel and DKNY.