Snow dome firm seals buy-out

Adventure tourism business Ice Factor Group is eyeing expansion after a management buy-out deal.

The MBO, led by the company’s founder Jamie Smith, has been financed through a £523,000 funding package with HSBC.

Ice Factor Group was launched in 2001 by Smith, an entrepreneur and keen mountaineer. It now has annual revenues of more than £4 million and runs the Snow Factor Braehead and adventure tourism attraction Ice Factor Kinlochleven.

In April, the company confirmed that it had been successful in its bid to operate a new £30m snow dome planned as part of a regeneration project in Middlesbrough.

Smith said: “I passionately believe in the potential for future growth of Ice Factor Group and I’m delighted to have re-acquired 100 per cent of the shares.

“The business has delivered consistent growth and profitability, and allied with a stable and high performing management team, I am confident the buy-out represents the best approach to continue the successful growth of the group.”

He added: “The buy-out frees up a significant amount of time for the senior management team and resources that can quickly be reinvested back into further improving the quality of the snow sports experience for our customers across both sites.”

Susan Rowand, HSBC head of business banking in Scotland, added: “We are committed to supporting Scottish businesses like Ice Factor Group to achieve their growth potential and make their ambitions a reality.

“We are proud to play our part in helping Jamie Smith with a management buy-out and look forward to seeing the business continue to grow.”