MBO of First Copy

First Copy logo

PEMCF acted as advisors to the majority shareholders, Dave and Grace Honeyben, on a restructuring transaction that will ensure continuity and management succession. Dave and Grace significantly reduced their holdings in the company and all 24 staff at the business acquired an equity stake in First Copy.

Company background

First Copy is one of the top Xerox franchises in the UK and operates in the East Anglia region. They sell the whole range of Xerox equipment from colour photocopiers for the office to large scale digital printing equipment for the printing industry – some machines retail for over £350,000 each and are leading a massive change in the way printing services are delivered.

What was special

One of the motivations for this deal was to pass ownership, responsibility and rewards down to all staff at First Copy.  A unique ownership structure was put in place to allow all staff to acquire shares in the business – an action which has dramatically improved the motivation and dedication of the First Copy team.

Deal structure

Bank finance was received from The Co-Operative Bank in Cambridge alongside equity finance from the staff and management at First Copy.


Read the press release


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