54-55-news.qxp 14/12/09 12:44 Page 55
mandadeals.co.uk
NEWS IN BRIEF Final chapter for Borders
PwC acquires Paragon
PricewaterhouseCoopers has
acquired Paragon Consulting Group
U
K book retailer Borders has gone Hilco, the distressed retail specialists.
into administration and appointed MCR announced that 36 employees at the
restructuring firm MCR to handle London headquarters of the company
for an undisclosed sum. Paragon
the insolvency. would be made redundant.
provides management consultancy
Borders has 45 stores across the UK and Phillip Duffy, a partner at MCR, said:
services and employs 90 staff in the
employs 1,150 staff. The company spun off ‘The appointment of MCR as
UK, Turkey and Singapore. It also
from its US parent, Borders Group, in administrators to the business is indicative
has a joint venture in Dubai. The
2007, when it was acquired by Risk of the weakening position of book retailers
company will become part of PwC’s
Capital, the private equity firm founded by in the current market with competition on
Consulting business, which reported
an increase in revenue of 11 per
Channel 4 chairman Luke Johnson, for bestsellers from supermarkets, and the
cent to £201 million in 2008.
£20 million. growing strength of the digital and online
The company was sold in July in a markets in this sector.’
Interactive buys Scissorhands
management buy-out backed by Valco In the year to February 2008, Borders
Interactive Publishing has acquired
Capital Partners, the private equity arm of reported a net loss of £13.5 million. ■
consumer publisher Scissorhands
Media from Financial One Securities
for up to £500,000. Scissorhands
Media specialises in consumer titles
Inside the Deal – KBC Business Capital
for the hair and beauty industries.
Interactive Publishing reported WHAT SECTORS ARE ACTIVE?
revenue of £3.3 million and a pre-
We focus on businesses with assets,
tax loss of £83,772 in the six
G
raham Barber,
business development
director at KBC which tend to be more “old economy”,
months to December 2008.
Business Capital, discusses why i.e. businesses in manufacturing or
asset-based finance is providing distribution. We are seeing increased
Live Nation sells UK theatres
much needed headroom for growing businesses demand from both of these areas.
Ambassador Theatre Group has
bought Live Nation’s UK theatres for
WHAT DEALS HAVE YOU DONE? FINANCIALLY, WHAT DO YOU LOOK
£90 million, pushing the value of the
Not so long ago we provided £3 million of FOR IN A COMPANY?
combined business to some £150
integrated asset-based lending (ABL) We must be able to get a fix on where
million. Live Nation Theatres is home
facilities to Momenta Holdings to fund a exactly the business is today (as opposed
to two of London’s most successful
management buy-out from LDC, and a to historical accounts) and a set of
shows, The Lion King at The Lyceum
£15 million facility to Pulse Healthcare to projections we can believe.
and Wicked at the Apollo Victoria.
support its growth plans.
Hunting snaps up Welltonic
WHAT’S YOUR OUTLOOK FOR 2010?
Energy services company Hunting
IS DEMAND INCREASING? History shows us that as the economy pulls
has acquired engineering business
This year started slowly due to the out of recession, a company’s working
Welltonic for up to £9 million.
economic collapse. People neither felt capital becomes stretched, with banks
Welltonic provides drilling and
confident about refinancing or to invest or typically not flexing to meet the increased
tubing operations in the UK, Middle
acquire. Since June, both stability and demand. ABL is fantastically well
East and Asia. The Aberdeen-based
confidence have returned, along with the positioned to meet this challenge. ■
company employs 45 staff and demand for ABL, which has also benefited
generated pre-tax profits of £1.2 from being one of the few parts of banks For more information about asset-based
million in the year to September. being open for business. lending, email graham.barber@kbc.be
Mergers & Acquisitions 55
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