Management buyout at £24.5m Bolton-based VAR
Deal sees majority shareholder depart
Bolton-based VAR IDN Supplies has been acquired through a management buyout.
The firm will now be headed up by new joint CEOs David Shuttleworth and Darren Clayman.
The deal sees majority shareholder Gareth Stocks depart the business.
Clayman said: "Gareth is leaving the company in an extremely strong position.
"This MBO has been on the cards for over a year, allowing careful planning and structure. This is great news for all involved - our staff, suppliers and customers - because it means there will be virtually no change. It's essentially business as usual."
IDN was founded in 1988, initially selling IBM printer ribbons, and now provides a range of IT and audiovisual products.
The firm reported sales of £24.5m for the year ending 31 July 2017, up from £21.7m in the previous year. Operating profit was £271,245.
Co-CEO Shuttleworth said: "The company has been growing from strength to strength.
"We have high hopes for the future of IDNS, and a clear vision and plan on how to move the company forward."