MBO SNAFU – CCM MD OUT
Untenable, resigned, gardening leave, etc etc
The MD of Cheshire-based distributor Computer Components Marketing (CCM) has quit after a failed MBO attempt.
Brent Cutler was trying to lead a management buyout of the components distributor from its parent company Fundamental e-Investments. He had tried unsuccessfully to buy the distribution arm twice in the last four years - with the latest MBO attempt following Fundamental e-Investments' March announcement that it was switching tactics to become a high tech investment house.
Cutler blamed recent market conditions on the failure to reach an agreement, and cited the MBO collapse as the reason behind his decision to leave.
"I have decided that under the circumstances my position as managing director has become untenable and I have therefore resigned with immediate effect from both the plc and the trading company," he said yesterday.
Cutler plans to take a short break before looking for a new position. He said he believed the running of CCM would fall into the hands of the existing owners. ®