YFM backs £2m MBI of Selima

New managing director Wayne Blakemore, financial director Jane Mercer and others are acquiring a majority stake in the business from previous managing director Mark Kinnell, who will retain a minority stake.

The investment was made through YFM's British Smaller Companies VCTs. It will be used to expand the business and its product range.

YFM has backed Mercer and Chairman Richard Beaton twice before in businesses Deep Secure and Tekton.

Debt
No debt was used in this transaction.

Company
Selima was established in Sheffield in 1983 and currently employs more than 40 staff. The company provides money saving payroll, HR and expenses solutions, and bureau services to customers including Bristol City Council, Young's Brewery and Greater Manchester Police. Selima has a turnover of £3.2m.

People
Ian Waterfield is investment manager at YFM.

Advisers
Equity – Irwin Mitchell, James Bullock (Legal); DTE, Matt Beckley (Financial due diligence).
Company – Gateley, Rebecca Grisewood, Kate Richards (Legal).

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