Michelmores helps Calendar Club MBO in time for Christmas

Michelmores has helped the management team at Otter House Group seal a management buyout. The Group comprises Otter House Ltd, a leading greetings cards and gift company, Carousel Calendars, one of the UKs largest publishers of Calendars and Calendar Club Ltd. Calendar Club opens around 300 shops nationally in the long run up to Christmas selling calendars and diaries as well as running a sophisticated  ecommerce platform under http://www.calendarclub.co.uk/ and is the UK’s leading seasonal retailer.

The deal sees founders Gary Beck and Hendrik Vollers sell to a new company established by a management team led by David Pike, with finance provided by HSBC, a key supplier and management.

Michelmores fielded a 12 strong team to cover all aspects of the transaction, including Intellectual Property, Tax, Employment and Corporate and is delighted to add yet another MBO to the growing list of successful deals completed in recent years. Commenting on the transaction Team Leader Richard Cobb commented ” It is perhaps not as well known as it should be that one of the UK’s most successful national retailers is headquartered in Exeter, and it was a privilege to help David, Anthony and the team move the business on to the next stage by completing this complex transaction”

David Pike, Group MD commented ” we are very excited to have taken over the reins at what is a real success story in today’s pressurised retail environment. We are grateful for the support of the staff and all our advisers in achieving this long held ambition just as the new season gets underway”

Michelmores acted for the MBO team. Pinsent Masons acted for HSBC, OTB Eveling acted for the Sellers with assistance from Ashley Levinson at Equity Matters and Bishop Fleming, Kuits and Jaffe Law acted for the US side of the transaction. BDO provided due diligence assistance, and DWFM Beckman acted for one of the trade investors in the new entity.