Mr Norman and three other directors have created a private company called Maybeat, which yesterday launched a reverse takeover of Knutsford, a small Manchester leather firm quoted on the Alternative Investment Market. Knutsford will acquire Maybeat for pounds 4.95m and the business will then be turned into a takeover vehicle.
Mr Norman's partners are Nigel Wray and Nick Leslau who have run a string of property companies including Burford, and Julian Richer, head of hi- fi retailer Richer Sounds. Mr Richer was hired as a consultant to Asda several years ago to provide advice on improving customer service.
The four directors will emerge from the deal with a 90 per cent holding in the new group.Reuse content