Vision of the future follows management buyout [Evening Gazette (UK)]
(Evening Gazette (UK) Via Acquire Media NewsEdge) E-COMMERCE firm Visualsoft wants to create 50 new jobs in the next year - and treble turnover by 2017 - following a management buyout.
The Stockton company's management buyout, led by founding director Dean Benson, follows a recordbreaking year for the company, which has launched nearly 1,000 online stores for retail clients across a wide range of sectors since it was established in 1998.
Within the new structure, Benson, in the role of managing director, is joined on the board by business development director Tim Johnson, technical director Matt Burton and online marketing director David Duke.
Currently employing 155 staff at its Stockton headquarters and offices in Newcastle and London, Visualsoft expects to create another 50 jobs over the next 12 months.
The company, which is now looking to add to its existing e- commerce partnerships with the likes of Google, PayPal, Amazon, eBay and Sage, is also targeting a three-fold increase in turnover over the next three years.
Benson said: "We have come a long way since our humble beginnings as an online training venture 16 years ago.
"We have grown in tandem with the e-commerce sector, capitalising on the surge in online retailing that has largely escaped the recession. I'm thrilled to be taking Visualsoft forward with a new management team and outstanding staff to drive the business forward."
Benson thanked those involved in the buyout, including Nik Tunley of business lawyers Endeavour Partnership, Barclays and chartered accountants Clive Owen & Co LLP. Aaron Clark, director at Barclays Corporate, said: "Visualsoft is a key customer and local employer and I am delighted to have delivered a bespoke leveraged financing package to fund the management buyout, and provide a platform for Visualsoft to deliver growth and quality jobs for the future."
Angus Allan, corporate finance partner at Clive Owen & Co LLP, who personally brokered the transaction between the purchaser and the vendor, prepared the business plan and raised the necessary finance, added: "Visualsoft are a longstanding and valued client so we were well placed to deliver key strategic advice.
"Led by Dean, I am sure the team will continue to build upon the excellent base already established over many years of successful trading."
Tunley said: "This deal is a milestone for the company and is the beginning of an exciting period of growth during which we look forward to working with Dean, Matt, Tim and David further."
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