Midland Industrial Glass Reaps Benefits of Management Buyout

The Birmingham Post (England), June 10, 2010 | Go to article overview

Midland Industrial Glass Reaps Benefits of Management Buyout


With latest figures from the Insolvency Service showing a 17.8 per cent decrease in company insolvencies since the same period last year, companies are finding that pre-pack administrations don't always offer the best route to business recovery.

In 2005, Smethwick-based Midland Industrial Glass existed as part of the Kenmore Group, but found itself making a loss with all conventional sources of finance exhausted.

The decision was made to undergo a management buyout which was financed by Birmingham-based Midven through equity investment from its Advantage Growth Fund. Since the MBO, Midland Industrial Glass has employed ten more members of staff and increased its annual turnover from pounds 2.8m to pounds 3.6m - despite the recession.

Alan Taylor, Managing Director of Midland Industrial Glass, said that Midven's investment and guidance had been fundamental in making the buyout a success.

"Midven provided sound initial advice.

We avoided a pre-pack administration and remained in our existing premises owned by our previous owners, the Kenmore Group. This has saved us considerably more money and more importantly upheld our reputation with suppliers and customers alike," said Mr Taylor.

Roger Wood, Investment Director of Midven's Advantage Growth Fund, said the company's success stemmed from a rethink of its target markets which led to the acquisition of many new customers. …

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