E-commerce agency The Pixel has announced that it has undergone a management buyout (MBO).
The Bristol-headquartered business operates across the digital experience space, and has worked to help boost the online growth of DIY chain Screwfix, baby clothing retailer JoJo Maman Bébé and The National Trust.
The company, which employs more than 70 people, said it had made the move to provide leadership team continuity and strengthen the company's market proposition, adding it would help to achieve "greater productivity" and "happier staff and clients."
Founders Steve and Chris Leyton will retain a shareholding in the firm they created in 2001 and will remain in their roles as managing director and development director, respectively. The management team of Duncan Ball, Rob Kantor, Jonathan Abela, Jake Rainbow, Ken Walker, Stuart Taylor, Mike Eames, Luke Hobbs, Barnaby Simms and Tash Sprague will become co-owners.
Steve Leyton said: "The Pixel's transition to management ownership is a natural evolution of the business, which we firmly believe will be an agent for positive change for our clients and our team.
"As we considered how best to drive our next phase of growth, the key attraction of the MBO route over external investment was that having the team alongside us as co-owners will enable us to retain the team spirit and client-centric ethos that has been integral to our success to date."
Chris Leyton added: "It's an exciting time for The Pixel as we aspire to offer a wider range of services to our existing and new clients by moving into the digital experience space. Our new co-owners have been with us for up to 16 years, so having that management continuity will help to forge those deeper relationships, and the move to collective ownership is recognition of their dedication and commitment."
Matt Willmott, Nicola Manclark and Andrew Killick, corporate finance and tax specialists at PKF Francis Clark, advised the founders throughout the process, including deal and tax structuring, tax clearances, raising finance and overall project support.
Funding for the transaction was provided by NatWest bank.
Read next:
South West start-up digiLab named among UK’s best new tech firms
Tech firm Neighbourly expands giving platform to include medium-sized enterprises
Bristol tech firm to create jobs and expand office after funding deal
Like this story? Why not sign up to get the latest South West business news straight to your inbox.
