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The Coalfields Enterprise Fund, the venture capital fund managed by Enterprise Ventures on behalf of Communities and Local Government, has successfully acheived a sale of one of its early investments.

20/11/2007

CEF originally invested £500,000 in August 2005 to support the management buy-out of Sheffield-based TC Wild from the Gardner Group, allowing the management team to take ownership of the company and retain their independence.

Since then, the business has invested heavily in plant and equipment and has enjoyed buoyant market conditions. Under management ownership, TC Wild has flourished, with turnover doubling to £7.5 million and profits trebling. The workforce has also grown from 39 to 44.

The sale of the Fund's shareholding back to the management team now gives them complete ownership of the company. It has also given the Coalfields Enterprise Fund its first exit at an excellent financial return, more than doubling the value of the Fund's original investment. The sale proceeds will now be made available for re-investment in other eligible companies in the coalfields areas.

Paul Taberner, Investment Director for the CEF, said, "This transaction is an excellent example of how the change of ownership resulting from a management buy-out can re-invigorate a long established business. We are pleased to have been able to demonstrate the impact the Fund can have within a relatively short period. The sale proceeds, which were in excess on £1 million, will now go on to be re-invested elsewhere within the English coalfield areas, hopefully bringing similar benefits."

Richard Bamford, Executive Chairman of Fund Manager, Enterprise Ventures, commented, "This has proved to be a excellent investment for the Fund and all credit to the TC Wild management team for the company's success to date".