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Business

Managing director acquires UK print business

Millnet has been purchased by its managing director Steve Chadd following a deal with Consilio

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The acquisition was completed with the help of Price Bailey accountants and Howes Percival law firm

A document and data processing business based in London and Manchester, Millnet, has been acquired by its managing director, Steve Chadd, in a deal with legal technology group, Consilio Global.

Accountants, Price Bailey, and law firm, Howes Percival, advised on the transaction in a deal which those involved say will enable Millnet to strengthen its financial position in the face of major challenges facing the confidential document and data processing sector in the UK.

The deal means Steve Chadd acquired all shares of Docbuster along with the trade and assets of the UK Paper division, trading at the time as Millnet Document Services which through the transaction merged to become Millnet. 

Millnet employs 37 members of staff and provides document, data management, and processing services to clients in the professional services sector.

Chadd comments: “We are delighted to have successfully completed the management buyout of the Millnet business here in the UK, marking an exciting new chapter in our journey. The acquisition ensures that the management’s interests are better aligned with the business’ long-term success and will help us navigate the competitive challenges ahead.”

Stephen Reed, partner at Price Bailey, adds: “Millnet is a specialist business combining traditional document management with data solutions driven by rapidly evolving technology, including AI. This deal has secured the future of the business in the UK and positioned it for future growth.”

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