A Manchester-based designer and producer of promotional displays for shops and exhibitions has been sold by the family that founded the business 112 years ago.

A Manchester-based designer and producer of promotional displays for shops and exhibitions has been sold by the family that founded the business 112 years ago.

Walkers Mcr, which lists retailers such as Woolworths, Clarks and the Arcadia Group among its clients, has been bought by venture capitalist Amin Amiri Enterprises for £5 million.

The venture capitalist is led by Grant Thornton’s former head of its northwest corporate finance team, Amin Amiri, who now holds a 75% stake in Walkers. The balance is held by its management team, led by directors Gary Herrington and Mark Davies.

The business was sold by Clive and Michael Walker, the third generation of the family that founded the business in 1895.

The deal was part financed through an asset-based funding package provided by Venture Structured Finance, which will also be used to help the new owners expand the business.

Amiri told local reporters that he plans to grow Walkers organically and by acquisitions, which could see the company enter new markets.

“We hope Walkers will become a signature investee company for us, as we were attracted to its growth and profit profile, bolstered by our strategic input and the strength of the management team,” he added. “We have a reputation for taking under performing businesses, putting intellectual capital and expertise into them and revitalising them.”

Herrington has been quoted as saying: “Having developed an intimate knowledge of Walkers over the past eight years as employees, we really wanted to take the business forward and develop its full potential.”

Amiri received strategic and financial advice on the deal by a2e Venture Catalysts while the target’s plant and machinery were valued by GVA Grimley.

Venture’s team was led by regional director Debbie Bell, who said with a2e involved in the deal she knew Walkers would be a strong company. “As such, we did not hesitate to provide the finance needed to get this deal off the ground. Given the size of the lend we were able to work relatively quickly and provide a flexible solution, tailored to the needs of Walkers Mcr.”

GVA’s team was led by national departmental partner David Speight, who was assisted by Victoria Prophet.

“We have an established working relationship with Amin Amiri Enterprises,” Speight said. “We were delighted to be able to assist in this acquisition. We were ideally placed to offer advice due to our bank of relevant experience in this sector.”