Cash Generator buy out fuels future growth
National buy, sell & loan store group Cash Generator has been sold to its management. The business, which was founded in 1994 by Brian Lewis with a single store in Bradshawgate, Bolton, has grown into a national chain, which includes 13 company-owned stores and 60 franchised premises with the group now employing over 400 people.
Cash Generator Holdings, a new company which was formed by the management with help from business advisers Stephen Altman and Nigel Berger (founders of New World Corporate Finance), has acquired Cash Generator Limited from its founder and owner Brian Lewis. The deal was funded through a combination of investment from the management team and bank debt provided by Barclays Bank Plc. Brian Lewis has retained a sizeable shareholding.
The management team are well ahead with their plans to double the size of the network to 160 UK outlets within five years and have already identified a number of new sites for company owned stores for 2008, along with a further six new franchises opening within the coming months and over 10 existing franchisees looking for additional stores.
'We see this transaction as an exciting and positive step in the development of the business,' comments Cash Generator Managing Director Julian Urry. 'Stephen and Nigel have been aware of the company for a number of years and see the full potential of the business. We have had interest from a number of entrepreneurs looking to build their own portfolio of stores within the network to capitalise on the growth of the company which is set to double in five years. All in all, I am extremely excited about the future, it looks very bright indeed.'