York Mailing, one of the first Northern-based businesses backed by BGF, the Business Growth Fund, has announced new investment and changes to its management team following a period of significant growth.
The management buy-out has been led by current chief financial officer Stephen Goodman and financially backed by Pricoa Capital Group.
Chris Ingram, who co-founded the business in 1999, becomes chairman and current managing director Mike Newbould will also remain on the board, taking on the role of interim chief executive. Mr Goodman will “transition” into the CEO role, as well as leading the wider senior management team who have also become shareholders in the business.
Both Mr Ingram and Mr Newbould will also remain minority investors in the business alongside BGF, who have partially exited from their original £10m investment.
York Mailing specialises in the production of retail flyers, media inserts and catalogues. In the past two years, with BGF’s financial backing, revenues have grown from £69m to more than £100m through acquisitive and organic growth and significant investment in new machinery.
This has resulted in the creation of 275 jobs, and an increase in earnings of more than 50 per cent to £12m EBITDA (earnings before interest taxation depreciation and amortisation). York Mailing acquired The Lettershop Group in August 2013 and Go Direct Marketing in September 2014.