Agilico becomes part of Capital Document Solutions following passing of founder

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Capital Document Solutions has been acquired by Agilico which was a dying wish of the company’s Founder Tom Flockhart.

Tom was negotiating a deal to sell Edinburgh-headquartered Capital Document Solutions, after 43 years of rebuffing all offers. His family and close-knit team completed the deal following his passing from cancer.

Tom’s family and closest business colleagues have revealed how they were able to see through the completion of his deal, which was signed during an emotional meeting in Edinburgh. It creates a business with 475 staff, 13 UK offices, and £70m in annual revenues.

Capital Document Solutions remained fiercely independent and Scottish-focused under Tom Flockhart, who launched it in 1979 and built it into a 150-strong business with £15m in revenue. After years of discussion on succession planning, and rebuffing potential acquirers, Tom finally found a match in Agilico.

Andrew Aikman, Managing Director of Capital Document Solutions, who worked with Tom for 41 years said, “it means a lot to everyone who worked with Tom and given all the circumstances it was incredibly emotional. We knew this was what he wanted for the business that he had devoted almost his entire working life to growing and developing, and for all the staff, for whom he felt a great duty of care.”

Pam Flockhart, the late businessman’s daughter who is also a director with the firm said, “this is something that has taken a lot of consideration and planning over several years. Rather than a reaction to dad’s death, the impact of Covid, or anything else, this is about all of us who were closest to him delivering on dad’s wishes.

“He had many approaches over the years but insisted that none of those potential acquirers was the right fit. That changed when he met Simon from Agilico. He was convinced this was the right deal for our staff, customers, and suppliers.”

That first meeting was two years ago, with Simon Davey, the CEO of Agilico, who has helped build the firm into the biggest, independent managed print services (MPS) business in the UK.

Simon added, “Tom was a straightforward character and larger than life. When we first spoke, I told him that Capital Document Solutions was the one business I wanted in the group more than any other. 

“Fortunately, he knew of me and Agilico and was prepared to listen. But he also told me that there was absolutely no way he would let me into Scotland – he said I had to build his trust first. Our first face-to-face meeting was therefore in Berwick.

“Over dinner, Tom absolutely grilled me for the first 10 minutes and it would have been easy to think there was no chance of a deal, but I decided to push back and grill Tom – he really loved that.

“Thereafter, we clicked and over countless meetings, negotiations, dinners - and whiskies - we built a great relationship, and I made a promise to Tom that I would look after the business. I intend to keep it. Sadly, he lost his battle against cancer before we managed to complete it, but I know Tom would be immensely proud of his board and family for honouring his wishes.”

Both Capital Document Solutions and its Inverness-based subsidiary, Highland Office Equipment, will retain their names and identities for as long as the staff wants them. Capital will remain as an autonomous limited company and as a 100 per cent owned subsidiary of the Agilico Group and will be led by the existing management teams.

 Agilico’s existing Falkirk office will become part of the Capital infrastructure, meaning that in aggregate 25 per cent of the firm’s UK-wide revenues will be north of the border. Capital Document Solutions has been a constant on one of the Scottish Government’s procurement frameworks, supplying various managed print services to government departments and public bodies.