£1.1 m Funding Deal For In Time Watch Services

27th March 2007

Merseyside Special Investment Fund (MSIF) has invested over £1.1m to support the management buy-out (MBO) of a Southport-based watch service business.

In Time Watch Services Limited deals with over ∏ million customers a year through a national chain of 55 outlets located within major stores including Debenhams, Beales, House of Fraser and Tesco.

The company offers a complete watch repair and service facility and provides replacement parts including straps and batteries. The company also sells leading fashion brand watches including DKNY, Adidas, Fossil and Diesel.

The funding, which totalled £1.75m, will finance the acquisition and expansion of the business. The package includes £1.142m from MSIF’s Venture Fund along with the Directors’ own investment.

The deal was led by Mark Borzomato, Investment Director of MSIF’s £40m Venture Fund and assisted by Investment Manager, Jon Wormald.

In Time’s management team consists of Managing Director Angus Matheson and Operations Director Brian Jones who have over 50 years combined experience in the industry. The company has also appointed David Edwards, former Managing Director of Max Spielman, as Non Executive Chairman.

Angus Matheson said: “The investment from MSIF is crucial and we can now significantly expand the business - we are looking at lots of new concession opportunities and potential acquisitions. In addition to finance MSIF also helped source David Edwards through their extensive contact network and his appointment is invaluable given his wealth of experience.”

Mark Borzomato, MSIF’s Investment Director said: “We were impressed with the strength of In Time’s management team and their plans for the future development of the business. The company has an established reputation and our investment will allow In Time to build on its progress to date.”

In Time currently employs 150 staff at its branches throughout the UK and expects this figure to increase by up to 50% over the next three years. Turnover last year was £4.7m and is estimated to rise to £7.8m over the next five years.

Legal advisors in the transaction were Craig Scott of Halliwells acting for MSIF and Terry Montague of Brabners Chaffe Street who acted for management. David Houghton from Brabners Chaffe Street provided corporate finance advice. Financial due diligence for MSIF was conducted by Langtons with management due diligence provided by Mkonsult.

For further information contact Angela White at Merseyside Special Investment Fund on 0151 236 4040 or Angela.White@msif.co.uk

Ends

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Photo shows L-R Mark Borzomato and Jon Wormald (MSIF) with Brian Jones and Angus Matheson (In Time)

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