Tuesday, 14 May 2019 11:08 GMT

Directors take the reins of UK company

A seven-figure funding deal has allowed Tetenal UK’s management team to acquire the photographic distribution business, gaining full control of its operations.

The funding package from HSBC UK was allocated from the bank’s £12bn SME Fund which supports small to medium enterprises across the UK.

Thanks to the funding, directors Mike Fawcett, Mark Norman, Verity Adkin and Phil Barker were able to purchase Tetenal UK from its parent company, Tetenal Europe.

“It’s a truly exciting time for the business,” says Mike Fawcett, managing director of Tetenal UK. “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’ products to ensure our customers get the very latest photographic solutions.”

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

Following the acquisition, the directors will go from non-shareholders to full-shareholders. With full 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.

The directors will be in contact with HSBC UK’s relationship director, Richard Parker, who will work with them in their plans to scale up the business.

“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,” adds Roger Pratt, East Midlands area director at HSBC UK.

“It’s a significant moment in the business’ history and we wish them all the best for the future.”

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