Eyes on the prize as CCTV firm completes MBO
SECURITY distributors Videcon have successfully completed a management buy-out led by Andy Croston.
Steve Newsome, sales director, and Ian Farr, technical director, have been promoted to the Videcon board.
Videcon are also appointed Mike Reddington, former European general manager of ADI, as the new managing director for the company.
Trading since 1995, Videcon is a West Yorkshire distributor of CCTV with a turnover of £15m.
Videcon operates from its head office within modern 31,000 sq ft. premises in Heckmonwicke.
About the new appointment, Andy Croston, owner of Videcon, said: “Mike has over 25 years experience in the security industry and held a number of senior positions throughout his career. He is a key player in the security industry and a staunch professional with an outstanding reputation.
“Mike is a key appointment for the business that strengthens the existing senior management team and will be instrumental in taking the business through its next growth cycle.”
Funding was provided by HSBC, led by Vicky McGuire. Advisers to Videcon were Richard Buono from Blacks and Mazars.
Financial due diligence was provided by Tom Hayes from Sentio Insight and tax due diligence by Russ Cahill from Tax Advisory Partnership. Paddy Sturman from Gordons provided legal advice to HSBC.