TM Group, the leading independently owned operator of newsagents and convenience stores throughout the UK, has been bought out by its existing management and the Bank of Scotland.
The secondary buyout, supported by a £165m integrated debt and equity package from the Bank of Scotland, is expected to enable the exit of private equity investors Montagu Private Equity and Electra Partners who acquired the business in 1995.
James Lancaster, chairman of TM, said: "With the backing of Bank of Scotland, TM can now move forward to the next phase of its development. We see significant opportunities for growth in the independent convenience store and newsagent sector. TM is well placed to profit from the opportunity."
TM Group operates under the McColls, Martins, More, Forbuoys and Dillions fascias, with over 1,300 trading outlets.
The secondary buyout, supported by a £165m integrated debt and equity package from the Bank of Scotland, is expected to enable the exit of private equity investors Montagu Private Equity and Electra Partners who acquired the business in 1995.
James Lancaster, chairman of TM, said: "With the backing of Bank of Scotland, TM can now move forward to the next phase of its development. We see significant opportunities for growth in the independent convenience store and newsagent sector. TM is well placed to profit from the opportunity."
TM Group operates under the McColls, Martins, More, Forbuoys and Dillions fascias, with over 1,300 trading outlets.
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