MBO at £41m audio visual group

The management of Saville Audio Visual have acquired the £41m-turnover business, allowing its chairman to retire.

The buyout was undertaken by the York-based company’s remaining directors and senior management team including sales and marketing director Andy Dyson; group financial director Colin Nixey; group technical manager Colin Etchells; group service manager Ann Pickard and Graham Carling.

It will allow John Sills to retire after 48 years at the business. He joined the family-owned business in 1968, setting up an AV department at the Saville photographic shop in York.

He then built a nationwide sales team and established a unique network of regional centres across the UK.

As MD, Sills spearheaded a management buyout from the Saville family in 1996, and it has now grown to £41m in turnover.

Car and model aircraft enthusiast Sills, who will be making some acquisitions of his own in retirement, including a 1939 MG SA and a classic British racing green 1970 MGB roadster, said: “I am confident that I’m leaving the company in excellent hands and would like to take the opportunity to thank the entire Saville team for their loyalty and commitment over many years, as well as the suppliers and manufacturers who have supported the company and continue to do so.”

Sales and marketing director of Saville Audio Visual, Andy Dyson said: “John has been instrumental in building Saville into a major player in the AV/IT installation and live events sectors and the new management team are determined to build on his legacy”. This is a view shared by Finance

Director Colin Nixey continued: “John is leaving the Company in an excellent position following a third successive record year in 2016 and we are planning to continue this growth and expansion over the Company’s next chapter.”

The latest buyout has been funded in association with the Yorkshire Bank by a team led by Kris Keen, senior director corporate and structured finance, Clydesdale and Yorkshire Banks.

Keen said: “We are focused on supporting regional economies throughout the UK and we were delighted to have the opportunity to work with the management team on this landmark transaction. Saville is a fantastic Yorkshire success story and we have delivered a bespoke funding structure that provides flexibility for the business to enable continued market success. Saville has performed incredibly well on the back of a growth strategy implemented by the new owners which is forecast to continue.”

Yorkshire commercial law firm Lupton Fawcett advised on the legal aspects of the ownership change with the documents being signed at the firm’s offices on Piccadilly in York.

Corporate finance directors Martin Frost and Andrew Lindsay led the legal team and Martin said: “Saville is one of the great Yorkshire success stories and its history is as fascinating as it is long and illustrious.

“We were delighted to be asked to play a part in this latest chapter and assist with the MBO. From the outset, all parties were keen to ensure a seamless transition and by working closely with John and the management team over several months we were able to structure a deal that does exactly that. Looking forward, we wish Andy, Colin and the team every success.”

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