Gifts Today magazine

Management buy £45m-turnover firm

Founders leave Otter House Group in ‘strong position’

A MANAGEMENT buyout has just been completed by the team at Otter House Group allowing founding directors Gary Beck and Hendrik Vollers to leave, it was announced today.

The group, made up of giftware distributor Otter House – including Water Lane Gifts and Quayside Cards – calendar retailer Calendar Club and publisher Carousel Calendars, has been built up over 20 years to the current £45million turnover.
The new management team is led by group MD David Pike and consists of group finance and commercial director Anthony Jervoise, Calendar Club MD Sharon Colclough, Calendar Club property director Bill Nettelfield, Otter House MD Kirsty Guy, Carousel Calendars MD Steve Plackett and chairman Ashley Levinson.
David expressed his confidence in the future of the business: “I’m very pleased to have completed this transaction. The founding shareholders have done a fantastic job building three strong businesses, based here in the South West, each with a significant national reach.
“I’m very proud to be involved with the group and look forward to building an even brighter future together with my management colleagues and our fantastic 150 staff members.”
The transaction was overseen for the buy out team by experienced MBO advisors Michelmores Solicitors, with the vendors advised by Equity Matters.
Michelmores team leader Richard Cobb commented: "It was a privilege to help David, Anthony and the team move the business on to the next stage by completing this complex transaction.”
The announcement from Otter House added that the completion of the buy out, coupled with 2011’s successful move to a 150,000sq ft distribution centre in Exeter, Devon, puts the business in a strong position to continue their steady, sustainable growth going forward.


01392 824300
www.otterhouse.co.uk
01392 826482
www.carouselcalendars.com
01392 826800
www.calendarclubuk.com


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