Media company undergoes MBO

The managing director of Eye Airports, an airport advertising specialist, has led a buyout of the Harrogate-based business.

Rachel Davies, along with experienced management team Andy Mackenzie, James Ager and Karen Whitaker.

The Harrogate business was founded 11 years ago by entrepreneur Andrew Walker, founder of AdGroup. AdGroup sold its bus advertising interests to US media owner Titan Outdoor in 2006.
It now manages advertising and promotional space at 17 UK regional airports.

The majority of shares in Eye Airports have been acquired from AdGroup by Davies, with shares also allocated to members of staff through an Employee Benefit Trust.

Davies previously worked at bus advertising specialist Decker Media, which was acquired by AdGroup, before moving into airport advertising as operations director for Airport Partners and then concessions director for Eye Airports.

Eye Airports recorded a turnover of £1.75m in 2016.

She said: “This is a once in a lifetime opportunity for me and the team and we’re looking forward to driving further growth. I’m immensely proud that other long-standing employees of the company are becoming shareholders too. This gives the best incentive possible to work together and take the company from strength to strength.”

Walker, who will remain involved with Eye Airports as non-executive chairman, said: “Rachel and her management team thoroughly deserve this fantastic opportunity with the Employee Benefit Trust to become the majority shareholders in this creative and increasingly digital advertising business.”

“All employees who have been with the company for two years also become shareholders. This is about increased involvement, sharing the rewards and encouraging growth for the whole company.”

Eye Airports manages advertising at UK regional airports including Newcastle, Bristol, Exeter, Southampton, Inverness, Humberside, Derry, Norwich and the Highlands and Islands group.

Eye Airports was advised on the management buyout by Simon Morris of Raworths and Rosemary Anderson of Murray Harcourt.