Perfect timing for watch repair buy-out

THE management team of Southport-based watch and jewellery repair company In Time have completed a secondary management buy-out (MBO).
 
The original MBO took place in 2007 and was funded by a £1.1m investment from the Merseyside Special Investment Fund (MSIF).
 
The latest deal, which was said to be funded by the management, provides an exit for MSIF which said it had more than doubled its original investment. The financial details of the transaction were not disclosed.
 
In Time, which has sales of £7m, carries out more than 500,000 watch repairs each year and also offers a jewellery repair and cleaning service.
 
Operations director Brian Jones said: “In addition to the expansion of our core business, we are developing a strong online presence, and our jewellery repair service is going from strength to strength.  We are very grateful for the support which MSIF has given to us to reach this point, and we are looking forward to a bright future.”

The deal follows MSIF’s exit from Southport engineering firm Lattimer. MSIF investment director Marion Savill who oversaw both transactions said: “Both companies have enjoyed considerable success since, and we are delighted that in both cases, management have now been able to acquire 100% control of the business.  We wish them every success for the future.”

Craig Scott from Hill Dickinson provided legal advice on the transaction.