The managing director of a Slough-based telecom specialist has led his fellow directors in a buy-out of the business from its US parent.
Colin Mulford has bought TelecomFM, which provides network access products and services, for some $3.6 million (£2.3 million) after Barclays agreed to provide the debt needed to complete the deal.
TelecomFM was acquired from Florida-based Sunair Services, which decided to sell the business to concentrate on its pest and lawn control operations. Mulford said management had to complete the deal to a tight deadline given by Sunair.
The acquired company has a network of offices in the UK, Spain and South Africa and its new owners intend to expand its reach into the US and the Pacific Rim countries.
The buy-out team was assisted throughout the transaction by accountancy firm Hurst Morrison Thomson, with Pitmans leading them through the legal issues of the deal.