A BUSINESS in Southport that mends watches has been acquired by its management team in a £1.75m deal.
In Time Watch Services Limited deals with over 500,000 customers a year through a national chain of 55 outlets in major stores including Debenhams, Beales, House of Fraser and Tesco.
The company offers watch repairs and servicing and provides replacement parts including straps and batteries. The company also sells leading fashion brand watches. including DKNY, adidas, Fossil and Diesel.
The funding package to finance the acquisition and expansion of the business includes £1.142m from Merseyside Special Investment Fund’s Venture Fund and directors’ own investment.
In Time’s management team consists of managing director Angus Matheson and operations director Brian Jones. The company has also appointed David Edwards, former managing director of Max Spielman, as chairman.
The seller was the Minit Group, an international retail chain specialising in shoe repair, key cutting and photo processing.
The deal was assisted by Mark Borzomato, investment director of MSIF’s £40m Venture Fund, and investment manager, Jon Wormald.
Mr Matheson said: “The investment from MSIF is crucial and we can now significantly expand the business.
“We are looking at lots of new concession opportunities and potential acquisitions.
“In addition to finance, MSIF also helped source David Edwards through their extensive contact network and his appointment is invaluable given his wealth of experience.”
In Time currently employs 150 staff at its branches throughout the UK and expects this figure to increase by up to 50% over the next three years. Turnover last year was £4.7m and is estimated to rise to £7.8m over the next five years.
Mr Borzomato said: “We were impressed with the strength of In Time’s management team and their plans for the future development of the business. The company has an established reputation and our investment will allow In Time to build on its progress to date.”
Legal advisers in the transaction were Craig Scott of Halliwells acting for MSIF. Terry Montague of Brabners Chaffe Street acted for management.
David Houghton from Brabners Chaffe Street provided corporate finance advice.
Financial due diligence for MSIF was conducted by Langtons with management due diligence provided by Mkonsult.
tonymcdonough
