Media releases

SEIS strikes again

Date: 21/1/08

Symphony Equity Investment Syndicate (SEIS) has made its second investment, buying a majority stake in door manufacturer McTavish Ramsay (MTR). MTR, based in Dundee, was established in 1864 and is a respected name as a supplier of “non-standard” and architecturally specified internal fire doors in the UK.

The market sector which MTR supplies into is estimated at £350 million of the total £5 billion UK market for windows and doors. MTR largely sells through national distributors, although almost 10% is sold directly through its 100% subsidiary, Norlandia Limited (a former distributor acquired in October 2005).

In 2004 the business was the subject of a Management Buy-out, shortly after which financial performance began to deteriorate and in the financial year ended 31 March 2007 the business reported an operating loss of £240k on £6.5m of turnover. The losses continued in the first half of the financial year ending 31 March 2008 and for the most part the business was trading at or near to the limit of its banking facilities.

Paul Slater who led the deal on behalf of SEIS commented “although the business is under-performing, its fundamentals are strong. There is robust demand generally for MTR products and growing demand for higher value non-standard doors and door-sets. MTR has over 60 customers and typically has a full order book for three months ahead. “The new management team put in place by SEIS (John Munro, Chairman, Ken Shepherd Managing Director and David McPherson Finance Director) believes that the business can quickly be returned to profitability and positive cash flow through the implementation of:

- Improved product mix towards higher value products – particularly door-sets

- Increased pricing

- Better make or buy decisions relating to beadings and door cores

- Increased volumes through the factory arising from:

  • Revised factory layout giving better production flow
  • Improved production efficiencies
  • Introduction of new machinery giving greater uniformity of product

A number of the immediate improvement actions have been identified which will result in a return to profitability over the next few months. Paul Slater of Symphony Corporate has taken on the role of Investor Director to represent the syndicate.

If you have any questions please contact Paul Slater on 0141 285 0390 or by email pauls@symphonycorp.co.uk

Symphony is moving on and up…

Date: 01/01/08

Following a successful year in 2007, Symphony is pleased to announce its latest acquisition; the purchase of new headquarters at: The Exchange, 142 St. Vincent Street, Glasgow G2 5LA, telephone: 0141 285 0390, fax: 0141 248 6494.

The new premises will allow us to accommodate the growing Symphony team throughout 2008 to handle the increasing deal flow for the Symphony Equity Investment Syndicate (SEIS).