Legal and retailing turnkey systems specialist Automatic Information Management Ltd is parting company with its parent, Hull-based food group William Jackson & Son in a management buyout. The price is put at about UKP1.4m, with cash being provided by the Melville Street Investments venture capital arm of British Linen Bank, and medium term loans from the Bank of Scotland. Management will control 83% of the votes after the transaction. The 180-employee company did UKP328,000 pre-tax on sales of UKP7m last year, up from UKP45,000 pre-tax on UKP1m eight years ago. Acquisitions and an Unlisted Securities Market quote for its shares are in the mid-term plan.
