The role of the lawyer in a Management Buyout
Bourn Bioscience Buyout

Own Goal

I once advised on the Management Buyout of a large distribution business.  During a conversation about funding the MD explained that - although I was concerned about the amount of cash tied up in stock - it was worse to be out of stock and miss a sale than to be over stocked.  Accordingly we had to ensure that the buyout funding included enough cash to allow the business to trade appropriately and take opportunities for profit when they arose.

Last month I was reminded of this when I was unable to buy something.  I attended the Pantomime on my son's birthday at a local theatre.. The theatre will remain nameless, but it was founded by an economist in the first half of the 20th Century.  This was on 29th December, a full house.....and they had sold out of programmes!  I had instead to read the theatre's program for the next season, which opened with a triumphant piece by its Chief Executive about how commercially successful the theatre had become!  Just bring a newspaper next time if you want something to read at the interval.


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