Rippleglen completes MBO
Birmingham-based newsagent Rippleglen has undergone a management buyout. The new owners said they now hope to expand and diversify into new markets.
The management team was advised by the Birmingham office of law firm Cobbetts.
New managing director Mike Colley has taken over the business from founder and former owner Harry Medcalf for an undisclosed sum. Funding was provided by Lloyds TSB.
Rippleglen operates 144 newsagents across England and Wales under three brands; Arden News, Supernews and News Shops.
The business, which has its headquarters on the Saltley Business Park, turned over £100m in 2010. It employs 950 staff
Mike Colley, managing director of Rippleglen, said: "The buyout marks the start of a new era for Rippleglen as we seek to expand the business and diversify into new markets, such as convenience, as well as building our presence in bus stations, railway stations and hospitals.
"Rippleglen has been in very safe hands for nearly 32 years since Harry first established the business. To ensure that the company can carry on its proud tradition in the retail sector we look forward to being able to call on his broad experience if needed. He has indicated that he will be available for help or advice for the next couple of years or so.”
