A GLASGOW-based e-commerce business has changed hands after securing funding from Barclays for a management buyout.
LiGo did not disclose financial details but said it involved a seven-figure deal which combines loan funding from Barclays with an Enterprise Finance Guarantee loan.
It has allowed David and Mairead Brophy to buy out its founder and outgoing chief executive Sam Amdjadi, and take full ownership of the company.
The guarantee opens business finance to smaller businesses by providing the lender with a government-backed 75 per cent payback.
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LiGo was founded by Glasgow Caledonian University graduate Mr Amdjadi in 2003 and the e-commerce telecoms business provides phones, headsets, two-way radios and other electronics to both commercial and private customers.
It employs 15 at its Glasgow head office and warehouse. Aberdein Considine advised on the deal.
The firm has expanded its product range and services into a number of areas and markets and intends to continue this in coming years, it said.
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David Brophy, chief executive, said he hopes to “build on the strong foundations it has established over the past 15 years”.
“Our experienced and committed team will continue to provide class-leading service to our customers. I’d like to thank Barclays for their support in backing the transaction and look forward to working with them in the years ahead.”
Jamie Grant, of Barclays in Scotland, said it “marks a significant milestone in LiGo’s growth journey and we are pleased to be supporting them to deliver this as well as taking on the company’s day to day banking”.
Mr Amdjadi said after the firm won a 2014 Glasgow Business Award that experienced staff within the sector were being lured south of the border.
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