Marlow: Whistl acquired by management team in HMT deal

HMT LLP led by partner Ian Barton, associate director Matthew Gordon-Smith and senior manager Julia Carruthers advised Dutch group PostNL BV on the transfer of UK subsidiary Whistl UK, and its subsidiaries, to its management team.

Headquartered in Marlow, Whistl (formerly TNT Post) is the second largest postal operator in the UK after Royal Mail, with a turnover of more than £600 million. Its core downstream access business has over 56% market share in the UK, handling around 3.75 billion items of mail, alongside an established door-drop media division. In addition there is a growing packets and parcels division.

The MBO sees Whistl’s management team take a controlling stake in the company with PostNL retaining a 17.5% shareholding.

Following the transaction, Whistl will be able to develop its portfolio of activities and build its leading position in the UK postal market. The management buyout was financed by Royal Bank of Scotland which provided £65m of asset-based lending facilities.

Nick Wells, CEO at Whistl, commented: “We have a long-standing relationship with HMT which has played an essential role during the management buyout process and we look forward to the next exciting phase of our development.” ”

Ian Barton commented: “We are delighted to have advised PostNL and supported management in raising the financing and completing their MBO, enabling them to position Whistl for its next phase of growth.”