Ascribe MBO gets green light
THE management buyout of health software firm Ascribe has been given the green light by shareholders.
The £32.9m deal will see the AIM-listed company back in private ownership.
The offer was made by Scroll Bidco, a vehicle set up by Ascribe executive chairman Stephen Critchlow.
In the year to June 30, the company posted profits of £3.8m on turnover of £17.4m.
The deal has a strong Manchester flavour – Mr Critchlow was advised by Mike Fletcher and a team at Altium, while Dave Ewing led a Manchester-based team at ECI. The funding team at Yorkshire Bank was led by Owen Malton and Roddy Kilpatrick.
The Manchester office of law firm Hammonds advised the bidders, led by corporate partner Jane Haxby.
Shares in Ascribe will cease trading on February 18.
