MBO of Liverpool pet business saves jobs
A LIVERPOOL company that manufactures pet accessories has undergone a management buyout in a deal worth more than £500,000, saving 11 jobs.
Petlife Ventures, trading as as Hi-Craft, has been bought out by its manager Glen Brookfield, after the company was placed into administration.
The company designs, manufactures and supplies a range of pet-related products including leads, collars, toys and beds for national and independent retailers throughout the UK and abroad.
Management provided £100,000 funding, with £250,000 coming from the Merseyside Special Investment Fund’s Mezzanine Fund, and the remainder from the company’s bank.
Mr Brookfield said he expects turnover to reach £5m in the next two years, and to increase staff to 20 over the same period.
He said: “We continually enhance our product range and the Hi-Craft brand is extremely well known throughout the industry. I now plan to expand the business, particularly throughout international markets.
“I am delighted to have completed this transaction in what is undoubtedly a difficult time to raise finance.”
AFM investment director Malcolm Jones said: “Hi-Craft is a strong brand within this sector and the company had built up a loyal customer base. We are pleased to be supporting Glen who is extremely knowledgeable about the business and we are confident that the company will expand in accordance with his business plan despite the economic climate.”
Hi-Craft has been trading since 1956 and was a third generation family business until the MBO.
Andrew O’Mahony of Brabners Chaffe Street advised AFM.
