The management team of a musical instrument and audio product supplier has completed a management buyout.
Essex-headquartered Professional Music Technology, which has its warehouse, logistics, sales marketing and e-commerce teams in Speke, Liverpool, has 15 stores across the UK including in Birmingham, Bristol, Cardiff, Leeds, Liverpool, London and Manchester.
Financing was provided by YFM Equity Partners and the founders of Professional Music Technology.
Professional Music Technology said it plans to “take advantage of the continued strong demand for musical instruments and pro-audio products” with plans to focus on the “selective opening of new destination stores and the further development of its multi-channel proposition”.
Jamie Roberts of YFM said they are “bucking the wider high street trend” with plans to open new bricks-and-mortar stores.
David Black, who joined the company around 18 years ago and has had day-to-day leadership responsibility for the business over the last four years, has become managing director of the business.
Mr Black said: “I am very pleased to complete the buyout of PMT with the rest of the team.
“The founders have done a fantastic job of establishing a market leading position and we look forward to building on that in the future.
“YFM have impressed us from the start and quickly understood the plan to continuing opening new stores whilst growing the online presence.”
Commercial director Carly Scott and operations director Andrew Ball have supported Mr Black in the buyout.
Peter Moss, has joined the company as finance director and David Garratt, former chief executive of Wex Photo Video, has joined the board as non-executive Chairman.
Simon Gilson and Terry Hope have also joined the board as founder advisors and “retain a significant investment in the business”, it said.
Mr Gilson said: “Terry and I have spent nearly thirty years building PMT into the strongest and most successful business in the sector of which we are both extremely proud.
“Going forward we felt that some new thinking and strategies are necessary to fully exploit the many opportunities that the current market presents and that this is the ideal time to let our younger talent, led by David Black, take this amazing company into its next phase of growth.”
