Enterprise Ventures backs £3.8m Granby MBO

The deal saw Enterprise Ventures investing £1.35m from its EV Growth fund, while incumbent bank NatWest supplied £600,000 of term debt alongside a £500,000 working capital facility from RBS Invoice Finance. The balance was provided by the company's directors.

As part of the transaction, managing director Joanne Varey has become a majority shareholder while Stephen Bentley, who purchased the business from Omnicom Corporation in 2000, has been made chairman and remains a minority shareholder. Furthermore, IT director Craig Parsons has also become a minority shareholder.

Company
Blackburn-based Granby provides direct marketing, e-commerce and mail order services, as well as contact centre services. Clients include Sainsbury's and the Department for Education.

People
Joanna Varey is managing director of Granby. Wayne Thomas is an investment director at Enterprise Ventures. Laim Glennon from NatWest Structured Finance led the deal on behalf of the bank.

Advisers
Equity – Pinsent Masons, Andy Phillips, Amie Norris, Tim Fearn (Legal); KPMG, Tim Hudson, Neil Robinson, Jeremy Booth (Financial due diligence).
Management – KPMG (Tax).
Company – Napthens, Richard Robinson (Legal).

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