Ian Madeley, Liz Taylor and Mike Avery each mortgaged their homes to buy their former employer out of receivership. Navigating receivership laws was the first of many obstacles the new owners of Logistix, a children’s marketing agency, had to overcome. Frequent run-ins with their bank, say the founders, came to a head one Friday when Barclays refused to pay out on Logistix’s overdraft since it was within £1,000 of its limit. Madeley says he returned early from holiday to sort out the problem so the company could meet payroll. Other growing pains followed. At its first presentation to Kellogg’s, the three found their insight into the children’s market painfully inadequate. The Buckinghamshire company studied up and the effort paid off. Revenue has grown from £2.2m in 1994 to £10.3m in 1997. The company’s expertise has landed them long-term relationships with customers such as Cadbury’s, Coca Cola, and Kellogg’s. Logistix recently produced a line of Rugrat toys for television company Nickelodeon. 24 of its 27 employees are women.
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