Foresight invests £4.2m in Accessory Bits

Foresight invested via its Foresight VCT funds 1, 2, 3 and 4.

The deal saw Accessory Bits' national sales manager Paul Stotesbury and general manager of production Sreten Savkovic invest alongside Foresight. Following the transaction, Stotesbury will be named managing director while Savkovic will become production director.

Furthermore, Simon Moate has been brought into the business as non-executive chairperson, having previously been CEO of Office2Office.

Company
Established in 2003, Accessory Bits produces office desk accessories including power supplies, monitor arms and cable tidies. The company also operates a warehouse in Wellingborough in Northamptonshire.

Furthermore, Accessory Bits manufactures its own power supplies through sister company ABL Production, which is based in Cacak, Serbia.

The company is expected to generate turnover of £5m for 2015.

People
Henry Alty is a senior investment manager of Foresight. Simon Moate is Accessory Bits' chairperson and Paul Stotesbury is managing director.

Advisers
Equity – Addleshaw Goddard (Legal); Kinstellar (Legal); Menzies (Financial due diligence); Neovian Partners (Commercial due diligence); Catalysis Advisory (Operational due diligence).
Management – Gambit Corporate Finance (Corporate finance); Capital Law (Legal).

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