Commercial printer presses ahead with MBO following funding from Time Finance
Set and Match Ltd, a Birmingham-based SME printing company, has its sights set on future growth having completed a management buyout thanks to an asset based lending (ABL) deal with Time Finance.
The deal, formed of a £70k invoice finance facility and a £70k secured loan, has enabled managing director, Stuart Mills, to buy out existing shareholders to take the business forward in an ever-changing commercial landscape.
The £140k ABL deal, facilitated by Time Finance’s broker partner, Paul Varley at Navigate Commercial Finance, represents a unique funding package with ABL typically associated with larger deals.
Rob Walters, business development manager at Time Finance, commented: “When we were introduced to Stuart, there was an assumption that to complete his buyout he would simply need a loan due to the size of his business. Asset based lending is a solution that SMEs don’t explore because so many traditional lenders only package this form of funding in much larger sums.
“We break that mould at Time Finance; we are always looking to tailor our solutions to business needs. We can structure ABL deals from £25k to £3.5m and that gives small businesses scope to explore other options outside of more traditional forms of finance such as loans.”
Launched in 2022, Time Finance’s ABL solution allows businesses to unlock working capital by releasing funds tied up in existing assets, including machinery, equipment, stock, commercial property and invoices.
Stuart Mills, managing director of Set and Match, added: “ABL is not a funding solution that I had come across, even as a business owner for over 20 years. But it makes absolute sense to me to utilise the assets that already exist in the business. It has created a funding solution which is flexible, and it allows me to complete my share purchase and continue to fund and grow my company.”
Paul Varley, managing director of Navigate Commercial Finance, said: “I’m delighted to have played a part in supporting Stuart and Set & Match with their next phase of growth. A well-run progressive business that can now kick on under Stuart’s ownership supported by the right funding partner in Time Finance.”
Established in 1992 by John Mills and Jim Reely, Set and Match originally specialised in typesetting, moving into traditional printing with the purchase of a print business in 2002.
The management buyout will now enable Stuart to merge the two businesses (Colprint and Set & Match) and own Set and Match outright, focusing on growing print services.
