First Matt, can you talk us through the circumstances leading up to the MBO?
Basically, former MD John Walker got ill in 2012. At the time, me, James and Michael took over the day-to-day running of the business while John was off convalescing. In 2012 we grew by 20% - turnover was up and so was profit – and that led the three of us to ask whether there was a way we could move forward given that John was ill and not getting any younger. So we approached him with a potential MBO when he came back in 2013. He was always of the mind that he wanted the business to carry on with the people who were already running the business rather than sell it to the highest bidder so he was very open to the MBO suggestion. We put together a package which took quite a long time to get to – which enabled the MBO to go through, though unfortunately not until after John had passed away.