Harrison Clark Rickerbys advises on media MBO
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WORCESTER law firm Harrison Clark Rickerbys has successfully advised on a deal involving the management buyout of London-based media and retail business, Millivres Prowler Group.
HCR acted for the buyer in the deal, which arose following the retirement of MPG founding shareholder and chairman, Chris Graham-Bell. The terms of the deal have not been disclosed.
MPG, founded by Graham-Bell 40 years ago, is Britain’s biggest Lesbian, Gay, Bisexual and Transgender business, whose activities include Gay Times (GT), DIVA, Prowler Stores and Prowler Distribution and Expectations.
The new company, which is made up of the majority of the management team from MPG together with a new investor, James Frost (CEO of Coast Digital), now plans to expand the business, which will be led by Simon Topham, current CEO of MPG.
Arpinder Dhillon, partner in HCR’s corporate team, led the MBO from the firm’s Worcester office and was assisted by Jennifer Staples.
She said: “We were delighted to work with the new shareholders and directors of MPG on the management buyout. It was a real team effort from all sides and we worked hard to strike the right balance between the interests of the exiting parties and the incoming management team.
“Over the past three years Simon has led the company through a process of restructuring and transition which has restored the company to profitability and we look forward to seeing his plans for future growth become a reality.
“The new company will benefit from James’ proven record in online and digital business, with plans to greatly expand its digital media and online retail businesses, whilst remaining a community focused operation.”
Topham said he was looking forward to progressing growth plans, supported by HCR having been impressed by the law firm during the MBO negotiations.