"The hard work starts here". That was the comment from MD Graeme Carr after he successfully completed a management buy out of giftware firm Paladone Products.
The deal was concluded on June 24th and means the company is now fully owned by the management team, with additional funding secured from HSBC.
The takeover was facilitated by Lawrence Davison, who was recently appointed as finance director at Paladone.
This is the second MBO for Carr during his tenure at Paladone.
"Putting the deal together has been a year of tough, occasionally frustrating, negotiation, but it has definitely been worth it," he said. "However, this is just the beginning. I've got a great team behind me but the hard work starts here.
"Despite very challenging conditions on the UK High Street, Paladone has developed product which offers real value and will bring a smile to people's faces."
Carr confirmed that the company will continue to pursue its current strategy of mixing licensed products with its own hero ranges.