Homebuy saved by management duo

A provider of electrical products and household goods has been bought by two of its directors in a deal that has saved it from insolvency.

Private equity fund Endless backed the deal, with debt provided by Landsbanki Commercial Finance. Corporate finance adviser Orbis Partners assisted with the transaction.

West Midlands-based Homebuy was put into administration in September following bad debts and rising costs. The business has now re-commenced trading.

James Grenfell, founding partner at Orbis comments: ‘There’s been significant negative press directed at the private equity industry and this deal demonstrates how a supportive and proactive equity investor can secure the future of a business and its workforce.’

Established in 2003 and floated on AIM in the following year, Homebuy has a national distribution centre in Manchester and service depots in Belfast, Chester-le-Street, Dundee, Glasgow, Rotherham, Sevenoaks and Wigan.

Marc Barber

Marc Barber

Marc was editor of GrowthBusiness from 2006 to 2010. He specialised in writing about entrepreneurs, private equity and venture capital, mid-market M&A, small caps and high-growth businesses.

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