Flint Hire and Supply Ltd (Flints) has secured funding from Independent Growth Finance (IGF) to facilitate a management buy-out (MBO).
Established in 1981 to provide the theatre industry with a single source for specialist theatre hardware and paints. Flints works with major names like the Royal Opera House, the Royal National Theatre and RSC. The company has a catalogue range varying from specialist theatre tools, paints to hardware materials.
The MBO follows the founder, Alasdair Flint, announcing his decision to retire at the age of 65. He expressed the desire to sell the company at a discount to staff. A group of 10 members of staff pooled together but still needed to raise an additional tranche of funding. IGF provided the successful business with the extra funding secured through a combined receivables and stock finance facility.
Following the MBO, Flints is looking to boost its client base in the Middle East. London has always been the hub for theatre-goers. However, in recent years the Middle East has been developing its tourist offering, including theatre, opera and cultural activities as a way to support economic growth.
Ben Lyle, managing director of Flints explains: “IGF was able to offer management a flexible funding solution fitting our business’ needs. It was much easier and a smoother process than we expected. IGF was incredibly proactive and the team provided us with pragmatic and insightful advice throughout the process. The MBO will enable us to explore new opportunities and give us the impetus we need to accelerate our growth into the Middle East. We look forward to an exciting period of growth and development.”