Turnaround and regional buy-out fund Endless has bought kitchen manufacturer Bernstein Group. The deal, which was agreed for an undisclosed sum, is the firm’s second this year.

Turnaround and regional buy-out fund Endless has bought kitchen manufacturer Bernstein Group. The deal, which was agreed for an undisclosed sum, is the firm’s second this year.

Bernstein, which supplies its products to house builders, national distributors and social housing projects, was sold by its administrator, KPMG.

Endless has taken a 60 per cent shareholding in the business with management, led by chairman Bill Gleave, holding the balance.

KPMG was called into restructure Bernstein in November following the losses incurred by its direct-sell subsidiary, The Kitchen Studio. As part of that process The Kitchen Studio has ceased trading.

The deal was completed following a Company Voluntary Arrangement (CVA) backed by the company’s suppliers and creditors, who will benefit from Bernstein’s future success through payments from a new fund.

Endless partner Darren Forshaw says that for a business to go into administration and then be acquired solvently through a CVA is very unusual: ‘The Enterprise Act was written with this purpose in mind and Endless is delighted to be able to support Bernstein in this manner as it provides the company and its creditors with the best prospects of longer-term value recovery.’

Endless has agreed a debt package for Bernstein going forward with Kevin McKnight at Burdale Financial.

Bolton-based Bernstein, which has more than 300 employees, made a £3.2 million operating loss in the year to the end of October 2005 from a £24.7 million turnover.