MBO at Alfreton signs firm
Alfreton’s CCSigns has been sold in a management buyout led by one of its former apprentices.
Describing the deal as ‘life changing’, Paul Tugby has acquired the 43-year-old family-owned business.
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.
Tugby originally joined CCSigns in 1993 as an apprentice before becoming a minority shareholder in 2007.
He said “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 Tugby the first option to buy their shares. He added: “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.”
Tugby 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 MBO, with legal advice coming from Freeths.
Tugby 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.”
