MBO at Amplicon

Brighton based Amplicon Liveline has concluded a successful management buyout.

Brighton based Amplicon Liveline has concluded a successful management buyout (MBO).

Founder Jim Hicks, who set up the company in 1973, and his wife Heather, have sold their majority holding to an MBO team led by Tony Gorbold for an undisclosed amount.

Gorbold, who has been Operations Director at Amplicon for many years and helped Hicks to establish the business from scratch, becomes Managing Director, and together with Mark Bushby, Finance Director and Gina Citroni, Commercial Director, now owns the company in its entirety.

Jim Hicks MBE, who was recently diagnosed with bone marrow cancer and has been treated at the Royal Sussex Hospital in Brighton followed by a successful stem cell transplant, commented: "The sale of Amplicon will not only allow Heather and I to enjoy total worry free retirement, but will also ensure a sound future for our team of people, with continuity for customers and suppliers".

"We look forward to seeing the business continue to go from strength to strength".

In communication with the staff, he continued: "As you would expect this is a very friendly arrangement".

"Please accept Heather's and my heartfelt thanks for your many years of loyal commitment".

Jim stepped sideways into the role of Chairman four years ago to allow Amplicon to move forward with a more aggressive strategy, and since then the company has declared increasing turnovers of GBP 4.6 million for the year 2001-02, rising to GBP 5.1 million in 2002-03, and GBP 5.8 million in 2003-04.

Not only has turnover increased, but the company has also enjoyed improving profitability, with 2004-05 expected to continue the trend.

The new management has already developed plans to ensure that the company will continue to grow in the same manner for the future.

"The strength of the management team and the support of our highly motivated sales team will enable us to face our future with both energy and confidence".

"I am certain that with the talent and desire to succeed we will be able to capitalise on this exciting new phase of Amplicon's development", commented Tony Gorbold, on behalf of the team.

The MBO process was facilitated by Sussex based accountant Baker Tilly, with legal support from lawyers Thomas Eggar and Griffith Smith.

Richard Edwards, who had been employed as Managing Director, is not included in the MBO team and has left the company, as he felt that Amplicon would progress more effectively under new leadership.

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