Mayday keeps it local in management buyout
The senior management team of one of the region's largest office supply companies has successfully completed a buyout of the business.
Mayday Office Equipment Services, based in Norwich, has been taken over by Operations Director Karen Aldred, Commercial Director Jamie Mulhall and Sales Director Adam Northcut.
Leading East Anglian corporate finance and accountancy firm, Larking Gowen, helped with the successful buyout of majority shareholder and former Managing Director Graham Cassie.
Karen Aldred, who becomes the new MD, said that in the past the company had been approached by large national groups for takeover but had always managed to remain in the control of the people running the business. "We see ourselves as a local company providing the best possible service we can for other local businesses. We know our clients well and they know us. We're very proud to keep the business running with the same level of localised personal service," Karen said. "The corporate finance team at Larking Gowen were a real help. We always dealt with the same people and they were always there to pick up the phone and point us in the right direction," she added.
Mayday supplies photocopiers, printers and other office equipment to businesses in Norfolk, Suffolk and parts of Cambridgeshire. The company also offers IT support, which is a growing sector within the business. It was established on 1 May 1979, hence the name.
Ian Nelson, Larking Gowen Senior Manager, said: "Mayday has a strong local pedigree built up by the hard work and skill of the management buyout team. It is pleasing to see them taking full control to continue their good work and reap the rewards. "It was great to work with such a positive team and be able to guide them through the potential pitfalls and steer them towards the opportunities."
Areas that Larking Gowen's corporate finance team assisted included advice on valuation, commercial and tax structure, bank funding, deal management, liaison with the legal team and advice on financial and taxation warranties and indemnities to protect the management buyout team.
Outgoing majority shareholder Mr Cassie, who is staying on as an IT consultant for the business, said: "I'm delighted with Karen, Jamie and Adam’s further investment and acquisition, and I'm sure that the very successful local technology business will go from strength to strength.
"I've been proud to lead Mayday over the last six years, and would like to thank all Mayday's staff and customers for their support."
Photo credit: James Vivian (L to R): Ian Nelson, Larking Gowen, Jamie Mulhall, Karen Aldred, Adam Northcut of Mayday Office Equipment Services.