(L-R) – Mike Fawcett, Tetenal UK – Richard Parker, HSBC UK – Verity Adkin, Tetenal UK – Mark Norman, Tetenal UK
Tetenal UK, a photographic distributor based in Leicester, has been acquired by its management team after securing a seven-figure funding deal from HSBC UK.
The funding has enabled directors Mike Fawcett, Mark Norman, Verity Adkin and Phil Barker to purchase Tetenal UK from its parent company, Tetenal Europe GMBH.
Founded in 1988, Tetenal UK distributes a wide range of imaging products to the photographic industry, including printers and ink, photo books, film and inkjet paper.
Its products are supplied to over 600 customers domestically and internationally, including a number of high-profile customers.
The directors, who have each been at the business for more than ten years, will go from non-shareholders to full-shareholders. With complete autonomy of the business, the new partners will look to expand in the UK and increase its exports internationally by developing Tetenal’s existing product portfolio.
Mike Fawcett, managing director of Tetenal UK, said: “It’s a truly exciting time for the business. My partners and I have over 40 years’ experience at Tetenal UK and with high demand in the marketplace, we’re well poised to grow the business.
“In order to facilitate growth domestically and internationally, we will need to continue to invest in the business’s products to ensure our customers get the very latest photographic solutions. With support from our HSBC UK Relationship Director, Richard Parker, my partners and I have the autonomy needed to scale up the business.”
Roger Pratt, East Midlands area director, HSBC UK said: “HSBC UK was delighted to support the MBO of Tetenal UK. We have expertise in global markets and our innovative funding solutions are important for Tetenal UK and its international expansion plans. Now, with complete control and a wealth of experience behind them, Mike and his team of directors are well-placed to grow the business despite the competitive marketplace. It’s a significant moment in the business’s history and we wish them all the best for the future.”
The seven-figure funding package from HSBC UK was allocated from the bank’s £12bn SME Fund which supports SMEs across the UK.
Advisors on the deal, included RSM International, Mazars, Howes Percival and Browne Jacobson.
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