Flint Hire and Supply Ltd (Flint),the UK’s number one theatrical chandlers, has secured funding from Independent Growth Finance (IGF) to facilitate a management buy-out (MBO).
Established in 1981 to provide the theatre industry with a single source for specialist theatre hardware and paints. Flint works with major names like the Royal Opera House, the Royal National Theatre and RSC. The company has a catalogue range varying from specialist theatre tools, paints to hardware materials.
Keeping the company in employees’ hands
The MBO follows the founder, Alasdair Flint, announcing his decision to retire at the age of 65. He expressed the desire to sell the company at a discount to staff. A group of 10 members of staff pooled together but still needed to raise an additional tranche of funding. IGF provided the successful business with the extra funding secured through a combined receivables and stock finance facility.
Growth in middle east theatre
Following the MBO, Flint is looking to boost its client base in the Middle East. London has always been the hub for theatre-goers. However, in recent years the Middle East has been developing its tourist offering, including theatre, opera and cultural activities as a way to support economic growth.
Ben Lyle, managing director of Flint explains: “IGF was able to offer management a flexible funding solution fitting our business’ needs. It was much easier and a smoother process than we expected. IGF was incredibly proactive and the team provided us with pragmatic and insightful advice throughout the process. The MBO will enable us to explore new opportunities and give us the impetus we need to accelerate our growth into the Middle East. We look forward to an exciting period of growth and development.”
Michael Fletcher, ABL director at IGF added: “Flint wanted an MBO deal which would allow the founder to leave the business he’d built in the capable hands of his employees. We were delighted to offer the financing which allowed for a smooth transition to the new management team.We believe the support of IGF for Flintwill provide a strong platform for the business as it moves to its next stage of development and enters new markets.”