01 Feb 2021

The iOutlet acquired by management team

James Green Ltd, the Plymouth-based company behind The iOutlet, has been acquired by its management team.

Established by Matt Green and Liam James in 2012, The iOutlet has developed into one of the UK’s leading multi-channel retailers of refurbished or pre-owned phones, having sold close to £100 million worth of products to date.

With approaching 30 employees, it has a well-established range of online platforms attracting both retail and wholesale customers. In March 2020, The iOutlet was nominated for Mobile News Awards 2020 “Best Online Retailer” alongside O2, AO and musicMagpie.

The corporate finance team at PKF Francis Clark advised James Green’s shareholders on the sale of the business to the management team by supporting them in structuring the transaction and securing a cash flow loan facility from Santander.

The iOutlet team, from left: Liam James, Russell Jones, Lewis Cox, Oliver Green, Greg Jones and Matt Green

Matt and Liam said: “Having worked tirelessly to develop The iOutlet into the business it is today, we now have an established brand for the management team to continue with the next stage of our development growth plans.

“The team, led by Lewis Cox and including Ollie Green, Greg Jones and Russell Jones, have been integral to the success and growth of the business over the last few years and getting to this stage.

“The funding and support from Santander have been important to us in completing this transaction and we have been impressed with their approach to understand our business quickly in detail and provide the financial input in a timely manner.

The iOutlet’s headquarters in Plymouth

“We believe that the flexible funding structure provided will enable the team to achieve the desired growth ambitions, and we very much look forward to working with them going forwards.

“Our thanks go to PKF Francis Clark for providing advice and support throughout the process and Santander for the financing to complete the transaction.”

Lewis said: “We were thrilled when Matt and Liam approached us with the offer to buy their business. They have worked tremendously hard to develop The iOutlet into a leading multi-channel retailer of refurbished phones and we are excited at the opportunity we have been given to continue to grow the business they have created.”

PKF Francis Clark’s team comprised Andy Killick, Dave Armstrong, Martin Atkins and Tom Slade.

Corporate finance director Dave, said: “It has been a pleasure advising Matt and Liam on this transaction. The iOutlet is a great example of the founders of an exciting tech business developing and mentoring a team to take increasing responsibility for the day-to-day operations of the business with the ultimate aim being for them to acquire the business.

“Telecoms is an essential sector and the need to be able to communicate remotely has never been higher. Refurbished devices have become an attractive proposition price wise and consumers are also recognising the social and environmental benefits of recycling a phone. This has been demonstrated by the company’s financial performance during recent months and we look forward to the continued success of The iOutlet.”

Other advisers included Ken Lewins and Fergus Baker at Foot Anstey for the vendors. The management team’s legal adviser was Tim Jackman at White Jackman.

The team at Santander was led by Peter Abel with support from Richard Thwaite and Steve Tyers, and they were advised by Ed Hobbs at Ashfords. Financial due diligence was undertaken by Mark Champion at Isca Ventures.

Peter Abel, Santander growth capital director, said: “The iOutlet is an excellent business and is a good fit for our investment strategy of supporting ambitious growth businesses. We have been impressed with the achievements of the team in growing the business in recent years and are delighted to be supporting them for their next phase of expansion.

“The market demand for refurbished phones, tablets and technology equipment is expected to increase over the next five years and our investment and support will help increase The iOutlet’s market position and grow the brand.”

Latest corporate finance insights

Colleagues in their office discussing a strategy

What to consider before selling your business to an employee ownership trust

18 September 2024

Read

Exploring exit options to enhance your business value – webinar series

4 September 2024

Read

Carried interest – a summer call for evidence

30 July 2024

Read
A man is in a workshop, sizing a door to the correct dimensions.

Principal Doorsets acquired by Lagercrantz

18 July 2024

Read
Five colleagues standing on a cobbled street in a South West city.

Online ski operator Heidi raises £5.6m funding for growth

16 July 2024

Read
Eight Francs Clark employees, recently promoted to directors, are smiling for a photograph.

New directors are starting next chapter of their PKF Francis Clark careers

1 July 2024

Read
The Corporate advisory team are standing together after winning Team Of The Year at the South West Dealmakers Awards.

PKF Francis Clark wins Corporate Advisory Team of the Year at South West Dealmakers Awards

28 June 2024

Read
A United Airlines plane is flying through a very grey cloudy sky.

Worldwide Flight Services expands with Swedish acquisitions

28 June 2024

Read

South West Dealmakers Awards: 12 nominations for PKF Francis Clark

30 May 2024

Read
Energy solar panels on corrugated roof.

Eden Sustainable secures £75m from Thrive Renewables to accelerate solar rollout

29 April 2024

Read
A scaled concept from Crondall Energy of offshore energy with wind turbines and boats in the sea.

Management buyout starts new chapter for Crondall Energy

18 April 2024

Read
Five colleagues of the Little Green Team Energy Company.

The Little Green Energy Company sold to Hometree

17 April 2024

Read