Shawbrook delivers event-driven facility to fund management buy-out
Shawbrook Bank’s specialist funding has enabled the management team of mclcreate, the UK’s largest integrated live events company, to complete a management buy-out of the business from the NEP Group.
To maximise the funding available, Shawbrook structured and delivered a comprehensive all-asset facility, comprising a revolving invoice discounting line, sale and leaseback on equipment assets and a property term loan.
As part of the MBO, the management team also acquired Media Control UK, a non-trading company which holds the long-term lease on the Manchester property. NEP Group acquired mclcreate’s parent company Avesco in January this year.
Tim Spencer, new CEO of mclcreate and former managing director of the business, said: “With the backing of Shawbrook we can now take our business forward independently with the freedom and flexibility to grow the company, take advantage of market opportunities and realise its full potential.
“Right from the outset the Shawbrook team demonstrated a positive approach to support us with the MBO, and that gave us real confidence in the process. They went the extra step to meet us face-to-face to understand our business and the course we are on. They were very supportive and helpful, and showed great perseverance in getting the deal done.”