Founder of retail contractor leads MBO
A CHESHIRE business specialising in working with retailers to improve the lay-outs of their stores, has changed hands in a management buyout.
Chris Langford, co-founder and managing director of Runcorn-based contractor CJ Retail Solutions has bought out his long term business partner Jason Hunt, paying £1.5m for his 50% stake.
Barclays in Manchester backed the MBO, which was secured by an EFG loan for an undisclosed sum.
Founded in 1995 and then incorporated in 1997, CJ Retail Solutions is an in-store retail marketing company specialising in ‘below-the-line’ marketing such as retail display Installation and maintenance.
Customers include Asda, Boots, Tesco, cosmetics giant L’Oreal Paris and technology giant Samsung.
CJ Retail Solutions also provides field marketing services and store development, supported by reporting systems which it has developed in house.
The new team will be led by Mr Langford as MD supported by finance director Ian Billington, operations director Colin Chapman, sales director Tom Garner and Mike Houghton, marketing director.
Mr Langford said: “Industry reports suggest that marketing spend will increase by at least 20% over the next 12 months. This is the biggest increase in 14 years, so I am confident we can achieve growth whilst also making the necessary efficiencies to maximise the profit of the business.”
Matt Ryan led the deal for Barclays and John Gillibrand and Nick Wyatt from Baker Tilly advised on the deal.
Ryan said: “Chris realised his vision to establish a successful in-store marketing business which focuses on the needs of its customers. With a strong management team in place, they are now well-placed to build on their success to date and take the business to the next level.”
