M3 Helps Fund buyout of Cable and Wireless division

A former director with a Cable & Wireless subsidiary has taken over the business division he once managed - with help from M3.

When the Allnet network infrastructure services group decided to close one of its divisions, Keith Perry saw a once in a lifetime opportunity to take over the business.

At the time Keith was director of hardware maintenance for Allnet, a subsidiary of Cable & Wireless, whose desktop peripheral maintenance division was no longer part of the group's core business.

Keith reached an agreement with Allnet to take on the division's former clients and staff and continue trading through his own company called Absolute Service Management (ASM). But he needed help to successfully conclude the management buy-out of the business.

So he contacted M3 who worked closely with Keith over several months and successfully project managed the process and raised a mixture of asset, invoice and cashflow finance to fund the deal.

ASM now provides IT maintenance services to blue-chip companies including Xerox and Alfred McAlpine and employs more than 20 people at its Bedfordshire head office and Birmingham repair centre.

"M3 have been extremely helpful and offered a really great service," said Keith. "They guided me through the planning and finance raising process and offered me excellent advice."

"I developed a great relationship with them and it was really helpful to have a sounding board to bounce ideas off. We have plans to acquire another business in the next couple of years and I will certainly be looking to use M3 again."

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