EXCLUSIVE: Simon Cowell’s company YMU is shedding some weight by promoting its accountancy agency by way of an administration buyout (MBO).
The deal, for which monetary phrases had been undisclosed, comes a 12 months after YMU was bought to personal lending agency Permira Credit score underneath a £60M ($73M) deal.
YMU Enterprise Administration, which launched in 1986 and was integrated into YMU in 1995, will change into often known as OJK Enterprise Administration from subsequent month following the MBO led by Joint MDs Julie Symes and Simon Petrie.
YMU, which reps the likes of Cowell, Graham Norton and Ant and Dec, will proceed to associate with the circa-85-strong employees accountancy agency for current and future purchasers, it mentioned. OJK will “concentrate on being a bespoke accountancy, tax advisory and enterprise administration observe.”
YMU CEO Mary Bekhait mentioned: “This transaction permits YMU to concentrate on its core function and enterprise – the administration of elite purchasers in Sport, Music and Leisure and permits the OJK group to concentrate on theirs in accountancy. We’ve the utmost respect for all that Pat Savage and the Enterprise Administration management group have constructed over time and we’ll proceed to associate with OJK on current and future YMU purchasers for accountancy providers.”
Symes referred to as the deal a “mutually helpful settlement which permits each organisations the chance to proceed working aspect by aspect.”
The transfer caps off a 12 months of change for London store YMU. Final 12 months’s sale noticed Permira convert £32.9M of YMU debt into shares for a newly-created dad or mum firm, cancel an extra £16M of debt and forge a credit score facility of £10M accessible to YMU. A lot of brokers then left, taking massive purchasers with them, whereas YMU has since employed a lot of brokers and purchasers, most lately a worldwide literary chief.
