125 year old ILFORD Imaging UK Ltd, the World's leading supplier of Monochrome photographic materials has emerged from receivership today through a complex and innovative management buy out (MBO). The new Company will trade under the name of ILFORD Photo, with a new Corporate name of Harman Technology.
In a deal that secures hundreds of jobs in the North West of England, the ILFORD Photo Management Team of Phil Harris (Chairman and Managing Director), Howard Hopwood (Marketing Director), Andy Taylor (Finance Director), Steven Brierley (Sales Director UK, USA and Australia), Simon Galley (Sales Director European and Export Markets), and Peter Elton (Operations Director) will take over the running of the World Famous Black and White Photo Business with immediate effect.
Said Phil Harris, ILFORD Photo's new Managing Director:
"We have worked on this project for many months and dealt with the issues of running a business in receivership at the same time. In the process we have competed both against the threat of closure and many rival bidders. We have won the day thanks to the support and loyalty of our staff, customers, and suppliers, coupled with the quality of support from our advisors, Deloitte and Halliwells. The new Management is absolutely determined to ensure the success of ILFORD Photo."
Howard Hopwood, Head of Marketing, added:
"Since the business went into receivership in August 2004, we have been overwhelmed by the loyalty of staff, customers, and suppliers. We are now delighted to emerge from receivership. With a new experienced and committed Management Team in place, ILFORD Photo can move forward with renewed confidence. The team will be focusing on our Black and White business. ILFORD Photo has, without doubt, the strongest brand in Monochrome worldwide, and this MBO provides the platform for further growth."
Concluded Phil Harris:
"The professional advice we have received over the past few months has been absolutely first rate. It has not been an easy deal to put together, and we would like to record our thanks to Deloitte, Halliwells and our Finance backers."
The remainder of the ILFORD Imaging Group, comprising of the Swiss Manufacturing Site and Distribution Companies in USA, France, Benelux, Switzerland and Australia, continue to trade normally and are being offered for sale as a going concern by Grant Thornton on behalf of it’s Shareholders. The Group remains a major global force in the areas of Inkjet Media and Colour Photography.
Advisers to the MBO team included:
Team comprised: Head Partner: Anup Shah. Corporate Recovery Partner: Bill Dawson. Julian Heathcote Claire Boardman Corporate Finance: Matt Widdall. Kerry Morley. Corporate Tax: Mark Stephenson VAT: Gavin Tucker
Team comprised: Partner and Head of Corporate Recovery: Andrew Buchanan. Corporate Solicitor: Kate Richards. Partner and Head of Intellectual Property (IP): Jonathan Moakes. IP Partner: Peter Budd. Property Solicitor: Tony Boon.
Advisers to Isola Investments Ltd included:
- Halliwells. Property Partner: Rod Waldie. Corporate Partner: James Sheridan.
Mark Byers, Malcolm Shierson and Les Ross, partners at Grant Thornton UK LLP, were appointed Joint Administrators of ILFORD Imaging Ltd on 20 August 2004.
Posted on: Monday 21 February 2005
England & Wales.
40 Churton Street
SW1V 2LP, England
Company Reg. No. 5652450
VAT No. 872 2684 03