Granby completes £3.8m management buyout
Granby Marketing Services has completed a £3.8m management buyout, with managing director Joanne Varey becoming majority shareholder.Stephen Bentley, who acquired Granby from the Omnicom Corporation thirteen years ago, will become Chairman and remain a minority shareholder. Craig Parsons, IT director at Granby, will also become a minority shareholder in the business.
Blackburn-based Granby, which features regularly in Lancashire Business View's Hot 100, provides services such as direct marketing, e-commerce fulfilment, and warehousing and distribution to a blue-chip client base which includes Sainsbury’s, CTM, England and Wales Cricket Board, Department for Education and The Information Commissioner’s Office. The company employs more than 100 people.Joanne Varey said: “This feels like a natural step for the business to ensure we are evolving and maintaining our position as a market leader. It’s a fantastic opportunity for us to continue building on the growth and success Granby has undergone in recent years. Most importantly, it enables us to ensure we’re still delivering a seamless experience and offering to our existing client base, whilst alsogiving us the tools and capabilities to seek new revenue prospects.” Enterprise Ventures provided £1.35m from its EV Growth fund to support the buy-out, with the incumbent bank NatWest providing £600,000 term debt alongside a £500,000 working capital facility from RBS Invoice Finance, and the remainder coming from investment by directors. Napthens solicitors advised Granby.