Press release
Lloyds TSB supports MBO at Mnetics
LLOYDS TSB has helped secure a Management Buy-Out at Wiltshire technology firm Mnetics.
A management team led by Tim Hamilton-Davies has bought the company from its parent, Anlisco plc. The Chippenham-based firm will now be known as Mnetics Holdings Ltd.
Guy Webster, regional manager with Lloyds TSB's Commercial Finance team, provided Mnetics with an asset based lending facility, with senior Corporate relationship manager David Wise providing overdraft and loan assistance. Meanwhile Charlie Thomson at Bishop Fleming negotiated the purchase and Nigel Farrell of Farrells Solicitors managed the transaction from a legal perspective.
Mnetics, which was set up in 1999, specialises in providing data capture and wireless radio communication systems for the warehouse, retail, and logistics transport sectors.
In 2001 it bought The Fifth Dimension Computer Solutions Limited (5D), which was also purchased in the deal, and has been growing at 20 per cent year on year.
The company now employs 16 people across three sites and is on course to turn over between £5 million and £6 million this year.
"The MBO has come at a great time for the business and will enable us to build on what we have achieved in the past four years," said Tim Hamilton-Davies.
"The input of Lloyds TSB has been critical in all of this and we look forward to developing our relationship in future."
Guy Webster said: "We were delighted to support a strong and experienced team through the MBO and to provide assistance for what should be a significant future growth."
David Wise added: "Mnetics is a robust and forward-looking business and we are delighted to be associated with Tim Hamilton-Davies and his team."
ENDS 6th December 2004
Issued by Harrison Cowley on behalf of Lloyds TSB Commercial Finance/Lloyds TSB Corporate
MEDIA CONTACTS: NEIL FRASER OR HELEN McCULLOCH ON 0117 929 2311
Lloyds TSB Commercial Finance is part of the Lloyds TSB Group plc.
