Press release
The print of sucess for Latimer Trend MBO
Latimer Trend, one of the Westcountry's most innovative and well-respected printers, has been bought by its existing management team.
The MBO team was led by Bob Mills who was assisted by a number of professionals including Mark Greaves of Francis Clark Accountants, Tim Jackman of Bond Pearce Solicitors, Roger Sands of Foot Anstey Sargent Solicitors, Andrew Smith of Bevan Ashford Solicitors, Peter Anderson of Lloyds TSB Commercial Finance, Richard Davis of Lloyds TSB Corporate and David Layton of Robinson Reed Layton Accountants.
Latimer Trend works with a number of blue chip publishing and commercial companies and has an excellent reputation for producing scientific, technical and medical journals. It also has a strong commercial sector supplying commercial print services to industry and commerce.
The business, which has been based in Plymouth since 1886, has grown to provide one of the most all-encompassing print services available in the region to customers all over the world. It is at the forefront of print technology and last year invested heavily in the latest computer-to-plate technology and web based proofing system. The factory is also well equipped with modern
manufacturing facilities.
The company has traded very successfully over the last 24 years under the
chairmanship of John Turner and much of the today's success is based upon the foundations that John put in place.
Mark Greaves of Francis Clark commented: "The Latimer business is one of the more interesting assignments we have recently undertaken. Whilst we have seen several MBO's complete in the last month, Latimer operates in a very tough market place, with increasing pressures on both quality and prices, especially from the Far East. It has invested significant amounts of money into capital expenditure and staff training to allow it to compete and I am convinced that the quality and experience of the MBO team will see it continue to expand. It is a prime example of how local companies can compete on the world stage in terms of quality and price."
Tim Jackman, corporate finance partner at Bond Pearce, said: "This deal was brokered entirely in the Westcountry and is further evidence of the corporate finance skills available on the doorstep here in the South West. Latimer Trend is an exciting, forward-looking business and we wish them all the best for the future."
Peter Anderson of Lloyds TSB Commercial Finance added: "Latimer Trend is exactly the sort of company that we are well placed to assist. It is a long-established and successful name in the area, possessing a highly experienced management team with a clear vision about the next phase of development."
Roger Sands of Foot Anstey Sargent, who advised the selling shareholders, remarked:" We were delighted to be involved in this transaction. Although representing the sellers, my firm knows Bob Mills and his team well as we are ourselves a customer of the business and are looking forward to continuing that relationship with Latimer Trend going forward."
Ends
18 August 2004.
Lloyds TSB Commercial Finance is part of the Lloyds TSB Group plc.
