Bolton medical supplies firm completes MBO

BOLTON-based medical supplies firm Medicina has undergone a management buy-out as one of its co-founders has bought the business from his former business partner.

Managing director Ken Harrison has bought shares which were previously owned by co-founder Mark Graham. He was advised on the deal by BTG Corporate Finance and law firm Stripes Solicitors, and the deal was funded by Royal bank of Scotland.

BTG Corporate Finance partner Jeff Barber said: ““Mr Harrison is looking forward to driving the business forward under his ownership; exploiting opportunities overseas and preparing to launch a new product base.

“Medicina has a strong history of consistent profitability with a good, proven management team – it is these credentials that the banks look for in order to fulfil their lending objectives.”

In the year March 31, 2010, Medicina made a pre-tax profit of £4.9m on sales of £10.1m and employed 19 members of staff.