Lloyds TSB Development Capital, the venture capital arm of Lloyds TSB, has backed a £10m (€16.4m) management buy-out of Spearhead Exhibitions, the UK firm that specialises in organising exhibitions.
Exhibitions have suffered from a lack of travelling delegates in the wake of the September 11 terrorist attacks in the US. Mike Simmonds, investment director at Lloyds TSB Development Capital, believes that Spearhead remains a solid investment: "Spearhead is a robust and highly cash-generative business. The management team is highly respected throughout the sectors in which they operate, having delivered consistent results for twenty years," he said.
