£21m management buyout at etc.venues complete

Former Initial Style Conferences (ISC) managing director Alastair Stewart has led a successful £21m management buyout of training and conference space provider etc.venues.

Stewart has become managing director of the London-based company as part of the deal, which was backed by private equity company Dunedin Capital Partners.

He replaces etc.venues founder Sally Wilton, who has retired after leading the company for 14 years.

Claire Adams will continue in her role as finance director at the venue company and Mary Fowell, Graham Laylee and Lin Roucos remain as executive directors.

Shaun Middleton of Dunedin joins the company as a non-executive director.

Etc.venues new management team plans to expand the business through a national roll-out, which will see new sites launched in Birmingham, Bristol, Manchester and Edinburgh.

Dunedin is initially providing £6m of funding with a further £4m of follow-on investment. Allied Irish Bank has also provided bank debt of £10.5m.

Stewart said: "I am very excited to be leading etc.venues in its future expansion strategy and to have the backing and support of Dunedin in developing the brand from an independent London-based meetings provider to a UK-wide player."

Steward left ISC in April this year, following its acquisition by the Alternative Hotel Group in December 2005.

Initial Style Conferences rebrands as Verve Venues >>

By Matthew Batham

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