ABSTRACT
The management buy-out has been shown to be one of the most important commercial phenomena to have arrived on the United Kingdom business scene over the past decade. The growth of lenders has followed closely the growth of buy-outs and has extended from its original domain of specialist venture capital houses to pension funds, commercial banks, insurance companies, enterprise boards, local authorities and Business Expansion funds. The financial side of the buy-out is possibly the most crucial because of the high gearing the purchase package generally required. The management of cash flow, as in companies in general, has been seen to be the vital element in the financial management of the company. The management buyout is firmly established conceptually within the United Kingdom business scene and will undoubtedly figure large in considerations of strategy within companies. The chapter also presents some closing thoughts on the key concepts discusses in this book.
