Management buyout completed at Warrington-based CoreRFID

The management team at CoreRFID, a Warrington-based radio frequency identification system maker, has completed a buyout of the business.

Backed by the SME lending arm of venture capital firm Enterprise Ventures, the deal saw chairman Terry Allen, managing director Munzi Ali and sales director Richard Harrison take a 93% stake in the company after acquiring shares from an existing investor.

Originally a division of engineering business Mannings (Southport), today CoreRFID has more than 1,000 customers in the UK and internationally, including defence and aerospace giant BAE Systems, transport operator London Underground and law firm Allen & Overy.

Chris Pestell, an investment director with Enterprise Ventures, said: “CoreRFID has built a strong reputation for its expertise in a complex technical field and in the past two years has seen a step change in its development.

“This deal enables the long-serving management team to fulfil their ambition to achieve almost complete ownership of the business.”

With backing from the Greater Manchester Pension Fund and Santander UK plc, support from Enterprise Ventures SME Loans is available to UK firms that have traded for at least three years and have either a current or anticipated operating profit of £100k. Eligible companies must also have a turnover of at least £1m.

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