Business is setting itself new goals

Oct 1 2008 by Peter McCusker, The Journal

THE sale of a trophy business by former Newcastle United footballer John Cowan to his son John-Paul and the fellow management team has been handled by one of the region’s leading dealmaking teams with cash support from private equity.

The new joint managing directors of Trendsetting Awards in Killingworth, John-Paul, Andy Saunders and Lucy Gray, believe the firm is on target to grow its £3.4m turnover to £5m over the next five years.

John Cowan, who played for United in the 1970s, established the business 29 years ago when he finished his footballing career.

The MBO secured £250,000 investment from Evolve Finance, the specialist debt and mezzanine finance division of regional fund management firm NEL Fund Managers. The transaction was handled by the corporate finance team of Tait Walker.

Mr Saunders said: “We have been successful in our core markets for many years, but feel there are opportunities for us to grow and succeed in new areas. The MBO gives new momentum to the company’s expansion plans, and the investment from Evolve provided the final bit of the jigsaw which enabled the deal to be done.”

Simon Johnson, senior investment executive at Evolve Finance, said: “The company has enjoyed long-term commercial success, and its clear, innovative plans to develop new and enhanced services indicate the team’s determination to take the company to a new level.”