A former apprentice of Alfreton’s CCSigns has fulfilled a dream and secured the future of the company after purchasing the business from its owners.
Describing the deal as ‘life changing’, Paul Tugby has acquired the 43-year-old family-owned business, securing all employees’ jobs within the firm.
Based on Mill Lane in Alfreton, CCSigns specialises in estate agents’ boards, providing a complete end-to-end service comprising design, printing and installation of signs. It employs 16 staff and has 14 vans.
Paul originally joined CCSigns in 1993 as an apprentice before becoming a minority shareholder in 2007. Since then he has taken a leading role in running the business, developing it into one of the leading sign companies in the area.
He commented, “I am thrilled to have acquired CCSigns and still can’t quite believe it. It’s life changing. Having worked for the company for so long, it’s amazing to now own this fantastic business. It’s a great start to the New Year.”
Last year the owners of CCSigns, brother and sister team Andrew and Liz Cullen, decided to retire and gave Paul the first option to buy their shares. Paul explained: “I couldn’t bear the thought of anyone else running CCSigns. I have put my life and soul into the business. I did everything I could to secure the funding for the management buy-out.”
Paul used the Enterprise Finance Guarantee (EFG) scheme to secure funding from NatWest Bank to purchase the business. Chesterfield-based Mitchells Chartered Accountants and Business Advisers oversaw the management buy-out (MBO) and assisted Paul in the negotiations with NatWest and The British Business Bank, which manages the EFG scheme.
Andrew McDaid, partner at Mitchells explained: “Being able to assist Paul in the MBO has been a pleasure. We brought in Caroline Thomas, a Corporate Solicitor from Freeths who acted on behalf of Paul and advised on the legal documentation for the MBO. This collaborative approach meant that we were able to secure a smooth transition for all parties involved. I am confident that CCSigns will continue to go from strength-to-strength under Paul’s now formalised leadership.”
Caroline Thomas from Freeths added: “It has been a real pleasure to assist Paul throughout the MBO process – from advising on the initial terms of the deal, to getting the legal documentation in place and completing the deal. I wish Paul all the best for the future. I am certain Paul’s determination will ensure that CCSigns is a continued success.”
Commenting on his future plans for the business, Paul said: “All jobs have been secured as part of the MBO and I have every intention of keeping the business running as it has been. I’ve been effectively running the company for the last few years and have been a part of CCSigns for 24 years since leaving school. Having taken a leading role in growing and develop the business over the last 10 years, I know we’re in a strong commercial position. Going forward, I want to build on the great reputation we have as a successful, growing, customer-focused business.”
For more information on how Mitchells can assist with a management buy-out within your business, visit the website here http://www.mitchellsaccountants.co.uk/our-services/specialist-support/corporate-finance/ or contact Mitchells on 01246 274 121.