The fresh Group has completed a management buyout from joint owners and founders Nick Porter and Julie Besbrode. Manchester based NVM Private Equity has backed fresh’s three-strong management team of Patrick Howells (Managing Director), Antony Wilson (Financial Director) and Damian Besbrode (Operations Director) in funding the MBO.
The fresh Group was founded in 2004 by business partners Julie Besbrode and Nick Porter (pictured left) and over the last 10 years they have continued to invest in and develop the business to achieve a turnover of £13.6m in 2013. The initial team of 4 has grown to a group of 85+ talented individuals.
The business is on track to deliver an impressive 30% year on year growth plan as it strengthens its position as a retail sector specialist whilst looking to secure new clients in untapped industry sectors.
The fresh Group’s Managing Director, Patrick Howells, (pictured right below) said:
“We are delighted to be given the opportunity to complete the management buyout, which is another positive step for the business and very fitting that we should achieve this in our 10th year.
The whole team is focused on strengthening our position as a leading creative events agency. We look forward to building on the success of FY13, a record year, with another strong performance in FY14 having recently secured new relationships with the likes of Home Retail Group and Dixons Carphone amongst others, building towards new business sales of well over £3m.
As for NVM we couldn’t conceive of a better fit. There was a lot of interest in fresh from many different avenues but out of a multitude of options the team at NVM, headed up by Andy Leach couldn’t be more suited to the fresh team.”
Under the terms of the deal Porter and Besbrode will be departing the business and retain an investment in fresh as the MBO team, supported by their Senior Management Team, take charge.
Exiting Chief Executive, Julie Besbrode commented,
“When Nick and I founded fresh 10 years ago, we never dreamed that we would have achieved what we have today. We are immensely proud of everyone at fresh and the passion, creativity, ambition and commitment they put into every project they deliver.”
Exiting Chairman, Nick Porter added,
“The past ten years have been an incredible experience and one I will never forget. We’re delighted that fresh will continue to be lead by an amazing group of people that we know will deliver the next stage of growth and will drive The fresh Group to even greater heights. Julie and I both believe that the time is now right to hand over the reigns.”
The fresh management team has retained Julie Besbrode in an ongoing client consultancy role.
Financial Director, Antony Wilson commented,
“We are absolutely delighted with this management buy out and believe that this is a fantastic opportunity to build on the foundations laid by Nick and Julie to continue the growth plan of The fresh Group into the foreseeable future. We are currently on track to deliver sales of nearly £17m in FY14. We are a young ambitious management team and with the guidance and support from NVM we really feel the business can achieve revenues in excess of £24m within 3 years. ”