Professionals from three of Bristol’s leading firms have helped secure a management buy-out (MBO) at leading wetsuit company, Gul International. A management team led by managing director John Felton has bought the firm from parent company Hawtin. More than Ј2 million in funding was raised to finance the buy-out and plans for expansion.
The funding for the MBO was provided by Peter Anderson, senior regional manager with Lloyds TSB Commercial Finance, who provided the Gul management team with an invoice discounting and stock facility, while accountants Solomon Hare’s corporate finance partner Stephen Toole provided advice and funding for the MBO with a consortium of private investors. Meanwhile Chris Godfrey, corporate finance partner at Burges Salmon, acted as legal adviser to Mr Felton and management, as well as to the acquisition vehicle.
