Paul Tugby, a former apprentice at Alfreton-based CCSigns, has secured all 16 jobs there after buying out the 43-year-old family-owned business.
Having joined CCSigns in 1993 as an apprentice before becoming a minority shareholder in 2007, Tugby said of the acquisition: “I am thrilled to have acquired CCSigns and still can’t quite believe it. It’s life changing. Having worked for the company for so long, it’s amazing to now own this fantastic business. It’s a great start to the New Year.”
CCSigns – which runs a Mimaki JV33 130 and 160 – specialises in estate agents’ boards and provides design, printing and installation services. When previous owners – brother and sister team Andrew and Liz Cullen – decided to retire they gave Tugby first option on their shares. “I couldn’t bear the thought of anyone else running CCSigns. I have put my life and soul into the business. I did everything I could to secure the funding for the management buy-out,” he said.
Tugby used the Enterprise Finance Guarantee (EFG) scheme to secure funding from NatWest Bank to buy the business. Chesterfield-based Mitchells Chartered Accountants and Business Advisers oversaw the management buy-out (MBO) and assisted Tugby in the negotiations with NatWest and The British Business Bank, which manages the EFG scheme.
Andrew McDaid, partner at Mitchells explained: “We brought in Caroline Thomas, a corporate solicitor from Freeths who acted on behalf of Paul and advised on the legal documentation for the MBO. This collaborative approach meant that we were able to secure a smooth transition for all parties involved. I am confident that CCSigns will continue to go from strength-to-strength under Paul’s now formalised leadership.”
Commenting on his future plans for the business, Tugby said: “All jobs have been secured as part of the MBO and I have every intention of keeping the business running as it has been. I’ve been effectively running the company for the last few years and have been a part of CCSigns for 24 years since leaving school. Having taken a leading role in growing and develop the business over the last ten years, I know we’re in a strong commercial position. Going forward, I want to build on the great reputation we have as a successful, growing, customer-focused business.”
