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Set and Match has completed a management buyout thanks to funding from Time Finance
Birmingham-based SME printing company, Set and Match, has completed a management buyout (MBO) thanks to an Asset Based Lending (ABL) deal with Time Finance.
Comprising a £70,000 Invoice Finance facility and a £70,000 Secured Loan, the deal has enabled managing director Stuart Mills to buy out the existing shareholders.
The £140,000 ABL deal was facilitated by Time Finance’s broker partner, Paul Varley at Navigate Commercial Finance, and is said to represent a unique funding package due to the smaller scale of the deal.
According to Rob Walters, business development manager at Time Finance, ABL funding is a solution that SMEs typically don’t explore because many traditional lenders only package this form of funding in much larger sums.
“When we were introduced to Stuart, there was an assumption that to complete his buyout he would simply need a loan due to the size of his business. We break that mould at Time Finance and are always looking to tailor our solutions to business needs.
“We can structure ABL deals from £25K to £3.5m and that gives small businesses scope to explore other options outside of more traditional forms of finance such as loans.”
Mills adds: “ABL is not a funding solution that I had come across, even as a business owner for over 20 years. But it makes absolute sense to me to utilise the assets that already exist in the business.
“It has created a funding solution which is flexible, and it allows me to complete my share purchase and continue to fund and grow my company.”
As a result of the MBO, Mills will merge Colprint (which Set and Match acquired in 2002) with Set and Match, and own Set and Match outright. Mills will focus on growing the business’ print services.
