This week’s management buy-out of 4Projects was reported in north-east England newspaper The Journal this week. The 1 August report, Wear IT specialist out to double its revenue, adds little to the news releases on 4Projects‘ and August Equity‘s websites, though it does revise last year’s turnover figure downwards by £200k to £3.2m from that previously reported in the press. It also includes some bullish statements from FD Steve Nelson:
“We now have the financial collateral to launch an aggressive expansion plan. We are looking to expand on three levels, internationally, vertically and product wise. We have a 100 day plan to work out which international markets could be the most lucrative to us.”
August Equity’s investment director Fraser Davidson said he expected 4Projects to double in size by 2009 following the buy-out:
“There’s a good opportunity to look at other markets including most of Europe, the Middle East and the US. We can’t take over the world but bit by bit it will grow internationally.”
04 September 2007 Update: A Businessweek webpage reports:
4Projects Ltd. announced expansion plans that will see scores of jobs created following a buyout. 4Projects has announced plans to move into new markets such as oil and gas, and to explore a range of international opportunities. The plans will mean the recruitment of new staff in all areas of the business, including internal and external sales and technical development.