Sentio Insight has provided financial due diligence to HSBC in relation to the Management Buy-Out (MBO) of Videcon Ltd led by Andy Croston.
Videcon is a leading UK based distributor of CCTV products and services. Trading successfully, from its head office within modern 31,000 sq.ft. premises in West Yorkshire, Videcon’s expertise encompasses all aspects of CCTV distribution from products to training and after-care service. With turnover of £15m Videcon’s products are used across a wide range of the UK’s industrial, commercial, leisure and service sectors.
The MBO sees promotions to the Videcon board for Steve Newsome, now Sales Director, and Ian Farr, Technical Director, who will continue to be supported by the existing management team.
Videcon are also delighted to announce the appointment of Mike Reddington, former European General Manager of ADI, as the new Managing Director for the company.
About the new appointment, Andy Croston, Owner and Director of Videcon, said: “Mike has over 25 years experience in the security industry and held a number of senior positions throughout his career. He is a key player in the security industry and a staunch professional with an outstanding reputation.”
“Mike is a key appointment for the business that strengthens the existing senior management team and will be instrumental in taking the business through its next growth cycle.”
Mike Reddington, also commented: “I am delighted to be joining Videcon, who are committed to the continued investment in its product ranges, employees and resources so it can deliver an exceptional portfolio of CCTV products and services. This is an exciting time for Videcon and its customers and I’m looking forward to being a part of it.”
Funding was provided by HSBC, led by Vicky McGuire. Financial due diligence was provided by Tom Hayes from Sentio Insight and tax due diligence by Russ Cahill from Tax Advisory Partnership. Paddy Sturman from Gordons provided legal advice to HSBC. Mazars and Richard Buono from Blacks Solicitors advised Videcon.
