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ORBIS TEAM COMPLETES THREE PEAKS CHALLENGE
July 19th 2010
James Grenfell and Craig Nash of Orbis Partners have successfully completed the Three Peaks Challenge.
The challenge, to climb the highest mountains in Wales, England and Scotland in a 24 hour per more...
WHERE NEXT FOR THE MBO?
June 10th 2010
Recent data from CMBOR shows that the number of Management Buy-Outs being completed is at a 25 year low.
In value terms, the market is nearly 90% down when compared to the high of 2007. But it& more...
Homebuy
Introduction
Homebuy is a leading national supplier of electrical products, household goods and cash loans using personal credit facilities. Customers pay home-visit collectors every four weeks from a coin meter attached to their televisions.
Homebuy has headquarters in Walsall supported by a national distribution centre in Manchester and a further eight service depots around the UK.
Homebuy has headquarters in Walsall supported by a national distribution centre in Manchester and a further eight service depots around the UK.
What was our role?
We acted as lead advisor to the management team in conducting an MBO of the business from Administrators PricewaterhouseCoopers.
Orbis accepted the management team’s offer to co-invest alongside them and support them in their growth strategy.
Orbis accepted the management team’s offer to co-invest alongside them and support them in their growth strategy.
Why it was unique
Homebuy Group had been considered a star performer on the AIM market, reaching a market valuation of more than £100m. However, Administrators were appointed to Homebuy in September 2006 after a fall in cash collection, combined with spiralling costs, forced the company quickly into insolvency.
As a distressed deal, there were a number of challenges to overcome. With each day that passed the customer base was being eroded, meaning that a deal needed to be completed swiftly to maintain critical mass in the business.
The deal has allowed 400 jobs to be maintained and has meant that the approximately 60,000 customers can continue to be serviced.
As a distressed deal, there were a number of challenges to overcome. With each day that passed the customer base was being eroded, meaning that a deal needed to be completed swiftly to maintain critical mass in the business.
The deal has allowed 400 jobs to be maintained and has meant that the approximately 60,000 customers can continue to be serviced.
The Management Team
The senior management team consisted of Phil Goad (Managing Director), Steve Banks (Financial Director), Julie Driver (Commercial Operations Director), David Buxton (Service & Logistics Director), Paul Lineham (IT Director) and Raoul Charmetton (Compliance and Processes Director).
Our Team
James Grenfell
Gary Ecob
Craig Nash
James has taken a role as non-executive director on the board of the company.
Gary Ecob
Craig Nash
James has taken a role as non-executive director on the board of the company.
Deal structure
The deal was supported by equity funding from Endless LLP and bank funding from Landsbanki Commercial Finance.
© Orbis 2010
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