Investee Company – Select Prospects Limited.
Investee Company Business Type – Airline Outsourcing Business.
Type of Financing – Management Buyout.
Equity Providers – NatWest Development Capital.
Equity Leader (Individual) – Andy Spencer and Chris Gammon.
Debt Providers – Barclays Bank.
Debt Type – Loan Facilities.
Debt Leader (Individual) – Steve Lovell and Eric Thetford.
Equity Amount – £1.5 million.
Total Deal Value – £4 million.
Other Advisors – NatWest Development Capital were advised by: Osbourne Clarke, BDO Stoy Hayward, and CIL. The management Team were advised by: Pitmans, and Deloitte and Touche.
Comments – Formed in 1992, Select Prospects Limited lists British Airways, Swiss Air, and American Airlines among its client base. The company provides outsourcing and audits for major airlines.
The outsourcing covers all aspects from dietary meals, preferred seating requests, and making airport traffic and check in staff aware of special requirements for each flight. The audit services that it provides range from checking the validity of all refund calculations and ensuring the specific airline refund regulations have been adhered to, through to verification of inward and outward interline billings.
Tim Darwell-Taylor will remain the managing director and is joined on the board by Chris Powell who is the financial director, and Jonathan Creaser, systems development director. Chris Wilde who was an original shareholder of Select Prospects Limited retains his stake and becomes a non executive chairman.
Mr Darwell-Taylor said, “These are exciting times for everyone at Select. Airlines are increasingly focussing on their core business and using outsourcing service providers, such as Select, for peripheral activities.”