Sean Wood’s Post

The Business Bureau are pleased to announce the succesful Management Buy out of a well established local manufacturer, and help save many jobs on the South Coast. Under US ownership, the US parent had decided to shut down UK and Europe Operations, jepordising 130 local jobs in an area already under stress from a lack of jobs, and shutting down a long established business. Following an introduction from the #LetsdoBusiness group in Hastings, we were able to work closely with the client to understand the challenges of buying from the parent and sought to found a solution to the problem. By involving Nick Young from BY Consulting, his team reached out to their investors, and very quickly a suitable local partner, #Oxygenpartners #MarkAndrews was found who was able to work not only with the management team but with the US business to deliver an investment that works for all parties. 90 jobs saved and a local business that can now maintain both continuity of the site and a new freedom to go into the market and seek clients in different markets. Congratulations and thanks to all concerned in achieveing this excellent result.

July Case Study: Distributor of Fashion Brands Our client specialises in the sale & distribution of innovative global menswear and womenswear fashion labels. They source brands from around the world, always with an eye to the unique point of differences that will appeal to their retail clients and enable each brand to compete successfully on the High Street and online. Currently their client brands are stocked across more than 600 UK and Irish retailers. We first acted for this client over 10 years ago, putting a funding package together that enabled the founders to deliver on their growth plans. A few years ago we were invited back in, due to our client’s principal bankers seemed to want out of the relationship and indeed the whole sector. As often has been the story in the past year, this business became top heavy with bank debt and HMRC arrears post Covid and was recommended to take advice from a re-structuring group. After much agonising over closing a business the two founders had grown from inception, a decision was made to go through a formal process and start Newco. Smaller, leaner and free of historic liabilities we were able to put a new debt package together that enables the business to trade and grow. Our colleague Sean Comments: “It was a pleasure to help the founders once again with their funding needs. There has always been a great underlying business and we are pleased to have played our part in helping re-establish them in the marketplace”