South West Woodburning Centre, a wholesale and retail business that sells cookers and accessories, has been bought by its management.
South West Woodburning Centre, a wholesale and retail business that sells cookers and accessories, has been bought by its management.
The deal was financed and supported by Lloyds TSB’s Corporate Finance team in Bristol. The financial terms were undisclosed.
The MBO team consists of managing director Gareth Down and commercial director Andrew Baker. They are joined by local businessmen Robert Pocock, who becomes finance director and new chairman Allan Vodden.
Law firm Slee Blackwell provided legal advice to the sellers.The team was led by partner Emma Reed, who was assisted by Russell Dowling. Wayne Harvey of Perrins, the target company’s accountant, advised on the financial and tax implications of the deal.
Sean Grinsted, a partner at accountancy firm Francis Clark, managed the financial due diligence process. Lloyds TSB’s other advisers on the transaction included law firm Ashfords.
Corporate finance director at Lloyds TSB Stephen Galvin said: “We are delighted to provide a funding solution which allows the management team to acquire and continue to grow this strong local business. We look forward to continuing our relationship with this important customer.”
Jerrett Collins, which owns the South West Woodburning Centre, has 25 staff and also supplies to the manufacturing industry.
The firm sells cookers, fires and stoves from brands, amongst others, Aga, Esse, Stanley and Rayburn, Hunter, Villager and Stovax together with all the accompanying flues and chimneys required for the installation.
Down said: “We believe Jerrett Collins has great potential for growth selling to both consumers and the trade.
“Everyone is now looking at ways of reducing their carbon footprint. Our fires and stoves that use wood from sustainable supplies together with the installation of more efficient chimney systems can help consumers make a real contribution to producing green power.
“On the business to business side the government’s commitment to reducing carbon emissions from new houses by 20% means a real business opportunity with developers to sell them both appliances and fitments.”
Partner, Emma Reed at Slee Blackwell said: “Slee Blackwell was delighted to have acted for the Sellers on this significant local deal which was particularly efficient due to the sound working relationship between the Sellers and the MBO team.
“We would like to wish both the Sellers and the MBO team our best wishes for the future.”
