A Scottish computer training company, which only a year ago was the subject of a management buy-out, is now preparing to go on the acquisition trail.
Bill Templeman, managing director of Prophet Computer Training, led an MBO of the company in June 1997 from Cumbernauld ITec.
The MBO was financially supported by John Hamilton, a founding director of Highland Spring, who became non-executive chairman of the company, and also by the Lothian Investors Fund.
In its first 12 months as an independent company, the management has increased turnover from some #500,000 a year to #650,000, and is predicting turnover of more than #1m in the next year.
This progress certainly justifies the #70,000 purchase price, with a total investment package amounting to #130,000.
The Livingston-based company provides what it describes as ''focused training solutions tailored to suit companies'' and its clients include senior sheriffs and judges who were introduced by Prophet to using Microsoft Windows and Word 6 on laptops in their chambers.
''We trained the sheriffs and judges over two days so that they could prepare their own documentation, and we also trained the court staff,'' explained Peter Watson, operations director at Prophet.
Prophet is now looking at expanding into England, and expects to open an office in Newcastle within the next two months.
''We are currently looking at a location in Newcastle which will employ six or seven people, and following this would expect to expand further south,'' said Templeman.
Prophet at present has training offices in Glasgow and Edinburgh, and has a staff of 13 with an additional 40 specialist trainers which it calls in for particular training courses. It expects the permanent staff numbers to increase to 30 within the next two years.
''We will continue to grow organically,'' explained Templeman. ''But we are also interested in acquiring other companies who complement our existing services such as those in the consulting and Internet fields.''
Templeman indicated that Prophet would be seeking additional funding to support its acquisition policy which will begin in earnest 12 months from now. If an opportunity arose sooner, however, it would be considered.
He expected annual turnover in five years time to be more than #5m, and did not rule out, at that stage, seeking an Alternative Investment Market listing.
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