Flint Hire and Supply Ltd secures managerial buyout investment

Flint Hire and Supply Ltd has secured funding from Independent Growth Finance (IGF) to facilitate a management buyout (MBO).

Established in 1981 to provide the theatre industry with a single source for specialist theatre hardware and paints, Flints works with names such as the Royal Opera House and RSC.

The MBO has followed the founder, Alasdair Flint, announcing his decision to retire. 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.

Following the MBO, Flints is looking to boost its client base in the Middle East.

Ben Lyle, managing director of Flints, said: “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: “Flints 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.”

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