Event technology firm Adlib completes management buyout
Adlib, the Merseyside-based event technology provider, has successfully completed a management buyout (MBO), marking a significant milestone for the company. The MBO has been executed over several years, with a focus on maintaining continuity and upholding the company’s reputation and ethos.
Long-serving director John Hughes has assumed the role of managing director, taking over from Adlib’s founder, Andy Dockerty. The rest of the management team, including directors Dave Kay, Phil Stoker, and Dave Jones, will continue in their respective roles.
Adlib, known for its audio, lighting, and video services, caters to the international live-events industry. Its prestigious clientele includes big names such as the BBC, National Museums Liverpool, and The Lowry.
The company has shown impressive growth in recent years, evidenced by a substantial increase in profits. In the year up to April 30, 2023, Adlib generated a pre-tax profit of £2.3m, up from £1.2m in the previous 12 months. This represents a remarkable 92% surge in profitability.
Moreover, Adlib’s turnover rose from £16.7m to £24.8m during the same period, with EBITDA also experiencing a significant uptick of 53% to £5.1m. The company has also expanded its workforce, increasing from 148 to 186 employees.
This growth has been possible due to strategic investments, including a substantial £6.6m allocated towards expanding Adlib’s rental inventory. As a result, the company is now equipped to cater to a wider range of clients with more complex requirements.
One significant development for Adlib is its recent expansion into the house of worship and corporate sectors. In March 2023, Adlib acquired the trade and assets of D3 Audio and Visual, opening up new opportunities for further growth and diversification.
Andy Dockerty, Adlib’s founder, expressed his satisfaction with the company’s journey from its humble beginnings to a well-established, multi-disciplined organization with a global reputation. Dockerty will maintain an active involvement in daily operations as a director.
John Hughes, the newly appointed managing director, expressed gratitude for Dockerty’s immense contributions to Adlib and the industry as a whole, especially during and after the challenges posed by the Covid pandemic.
Adlib’s successful management buyout not only secures the future of the company but also sets the stage for continued growth and success in the dynamic field of event technology.
Analyst comment
Positive news.
As an analyst, the market is likely to respond positively to Adlib’s management buyout. The company has shown impressive growth, with increased profits, turnover, and workforce. Their expansion into new sectors and strategic investments position them for continued success and growth in the event technology industry.
