News
Cavendish Advises on sale of Eurotel
8 July 2005Yorkshire telecoms company Eurotel has been sold to its management by the two brothers who founded it 13 years ago. In a deal quoted to be worth up to £20 million, Eurotel's holding company, Neville Ward Holdings, was acquired by the management team backed by Lord Young of Graffham's private investment firm Young Associates. The sale process was led by [Raymond Fagan], a director of Cavendish and head of the Technology team.
Founded in 1992 by Robert and Keith Lutener, Eurotel has grown into a leading telecommunications provider to the small and medium sized business market in the UK. Turnover in the year to 31 March 2005 was £27 million. Eurotel has developed an enviable reputation for quality and speed of customer service, providing a full range of services including telephone systems, maintenance and technical support, fixed line rental, call billing, mobile and broadband services, all charged monthly to customers on 'one-bill'.
Acting on behalf of the Lutener brothers, Cavendish conducted a targeted competitive sales process amongst trade and private equity buyers. Young Associates was identified by Cavendish recognising its Chairman, Lord Young's, extensive experience in the telecommunications industry. It emerged as the preferred bidder despite other parties having offered competitive terms. Keith and Robert Lutener, along with the incumbent management, who will remain with the business, concluded that Young Associates' experience would be invaluable in continuing to grow the business, both through acquisitions, organic customer growth and expanded product offering.
The management buyout team was led by Anthony Rex, who joined the business in 1999 as Finance Director. He now becomes Managing Director, alongside Phil Allingan, Sales Director and Jon Rodmell, Operations Director. Lord Young will become Chairman.