In Time Watch Services (ITWS) has secured £1.75 million from its directors and Merseyside Special Investment Fund (MSIF) to support its management buy-out and future expansion. 

In Time Watch Services (ITWS) has secured £1.75 million from its directors and Merseyside Special Investment Fund (MSIF) to support its management buy-out and future expansion.

The buy-out team comprised managing director Angus Matheson and operations director Brian Jones. Following the deal, David Edwards – former managing director of photo processing firm Max Spielman – has been appointed chairman.

MSIF’s Venture Fund, led by investment director Mark Borzomato and investment manager Jon Wormald, provided some £1.14 million. ITWS’s directors supplied the remaining £608,000.

Southport-based ITWS provides watch repairs, replacement parts and servicing. It employs 150 people at its 55 branches, which operate in stores including Debenhams, House of Fraser and Tesco.

Matherson has confirmed that ITWS is looking to grow by opening more concession stores and making acquisitions. It aims to increase its staffing levels by up to 50 per cent in three years.

ITWS made turnover of some £4.4 million for year-end March 2006, a 6 per cent drop compared with about £4.6 million the previous year. The firm expects its turnover to increase to £7.8 million in the next five years.

Halliwells acted for MSIF, while Brabners Chaffe Street advised the management team. Langtons and Mkonsult performed due diligence for MSIF.