BGF invests in Hobs Reprographics
PRINT shop Hobs Reprographics has received a £7m equity investment from the Business Growth Fund to support future expansion.
Liverpool-based Hobs was founded in 1969 and now has more than 300 staff in 29 print shops generating annual sales of £30m.
It plans to use the cash to open more Hobs Studios, which offer 3D printing and animation services as well as computer generated imagery for architectural, engineering and construction projects. The first studios opened in Manchester last year followed by Clerkenwell, London in May.
Founder Kieran O’Brien remains a majority shareholder and has appointed Ten Alps chairman Peter Bertram to the board as non-executive chairman after being introduced by the Business Growth Fund, which is backed by the major High Street banks. BGF investment manager Neil Inskip will join the board of the company as non-executive director.
Mr O’Brien said: “Our first Hobs Studios have been highly valued by our customers and we now want to replicate this model across the country. Equipping the studios is capital intensive and so it made absolute sense for us to find a long-term equity partner that could help us achieve this.
“BGF has invested in us on the basis that what we do works. The great news is that the partnership allows us to pursue new and exciting opportunities with additional resource and confidence.”
Neil Inskip, senior investment manager, BGF said: “It is testament to the strength of the business model and management team that Hobs has consistently been at the forefront of technological change within the printing industry, which has allowed it to take advantage of opportunities in the market. We are delighted to be supporting the business as it continues to retain and build a loyal customer base.”
Hobs received corporate finance advice from Clearwater International and was also advised by law firm Hill Dickinson and accountancy group Baker Tilly. BGF was advised by Brabners and PwC.
