25 Feb 2019
Glasgow based ecommerce business liGo has secured funding from Barclays to facilitate a management buyout.
The seven-figure deal, which combines term loan funding from Barclays with an Enterprise Finance Guarantee loan, has allowed David and Mairead Brophy to buy out its founder and outgoing CEO Sam Amdjadi to take full ownership of the company to support its ambitious growth strategy. Aberdein Considine advised on the management buyout.
The British Business Bank’s Enterprise Finance Guarantee facilitates business finance to smaller businesses by providing the lender with a government-backed 75% guarantee against the balance of the facility.
liGo was founded in 2003 and the e-commerce telecoms business has grown into one of the UK’s leading electronics suppliers. The company provides phones, headsets, two-way radios and other electronics to both commercial and private customers and now employs 15people at its Glasgow head office and warehouse. In recent years, liGo has expanded its product range and services into a number of areas and markets and intends to continue this expansion in coming years.
In addition to the funding package, Barclays will provide day to day banking services for liGo.
The Barclays deal team was led by Alistair Stewart, Associate Director Corporate Development. Michael Currie and David Orr from Aberdein Considine advised on the transaction.
David Brophy, CEO of liGo, said: “We’re delighted to take over liGo at this exciting time and hope to build on the strong foundations it has established over the past 15 years. Our experienced and committed team will continue to provide class-leading service to our customers. I’d like to thank Barclays for their support in backing the transaction and look forward to working with them in the years ahead.”
Jamie Grant, Head of Corporate Banking for Barclays in Scotland, said: “The MBO marks a significant milestone in liGo’s growth journey and we are pleased to be supporting them to deliver this as well as taking on the company’s day to day banking. Our speed of response and ability to structure facilities that met liGo’s specific needs were key to us securing this business and reflect our strength in providing tailored solutions for clients.”
Michael Currie, Corporate Partner, Aberdein Considine said: “We were delighted to work with David and Barclays on what was a landmark deal. David’s vision and commitment has been critical to the success of liGo and we look forward to supporting his future growth ambitions.”