MBO secures CCSigns future
A fresh perspective on the sign industry
Monday, 19 Feb 2018 15:32 GMT
Paul Tugby, who became a shareholder in 2007 after joining the company as an apprentice in 1993, acquired the firm with the help from the Enterprise Finance Guarantee scheme (EFG), which allowed Tugby to secure finance from Natwest Bank. Mitchells Chartered Accountants and the British Business Bank were also a part of the negotiations that allowed Tugby to take over.
The move followed the retirement of owners, brother and sister, Andrew and Liz Cullen. Tugby was given the opportunity first to buy the shares from the pair, and comments: “I couldn’t bear the thought of anyone else running CC Signs. I have put my life and soul into the business. I did everything I could to secure the funding for the management buy-out.”
I couldn’t bear the thought of anyone else running CC Signs. I have put my life and soul into the business”
Andrew McDaid, partner at Mitchells, explained: “Being able to assist Paul in the MBO has been a pleasure. We brought in Caroline Thomas, a corporate solicitor from Freeths who acted on behalf of Paul and advised on the legal documentation for the MBO. This collaborative approach meant that we were able to secure a smooth transition for all parties involved. I am confident that CC Signs will continue to go from strength-to-strength under Paul’s now formalised leadership.”
Thomas adds: “It has been a real pleasure to assist Paul throughout the MBO process – from advising on the initial terms of the deal, to getting the legal documentation in place and completing the deal. I wish Paul all the best for the future. I am certain Paul’s determination will ensure that CC Signs is a continued success.”
Tugby concludes: “All jobs have been secured as part of the MBO and I have every intention of keeping the business running as it has been. I’ve been effectively running the company for the last few years and have been a part of CC Signs for 24 years since leaving school. Having taken a leading role in growing and developing the business over the last ten years, I know we’re in a strong commercial position. Going forward, I want to build on the great reputation we have as a successful, growing, customer-focused business.”
