Strong focus (TT JanFeb04 p48-51)

In November 2002, Focus’ long-standing venture capital provider, Duke Street Capital, along with management, sold 28.9% of their stake to Apax Partners. This was part of a recapitalisation to refinance a £170m outstanding bond used to finance the acquisition of Wickes. Geoff Wilson, Deputy Chairman and Group Finance Director, explains: “Part of that recapitalisation was senior debt and we drew down on a mezzanine bridge put in place by our principal lenders. The idea was to replace that with a bond.”