Mr Tony Gale and Mr David Waddell are pleased to announce that they have acquired Sperling Retail Development Limited. Sperling is a long established manufacturer of shop-fitting fixtures to well known UK High Street names.
The business operates a 45,000sq ft factory in Haverhill; customers include Wallis, Debenhams, M&S, Oasis, Burberry, Etam, Hamleys, and JD Sports.
The new owners have over 20 years industry experience and bring a number of new high profile clients which will help secure the future for this local manufacturing business.
Tony Gale said “Sperling is a fantastic brand in the UK shop fitting market and it’s reputation for service and quality craftsmanship is well founded. We will build on this adding new clients and bringing new investment into the business. We expect the business to grow significantly over the next three years helping to secure local jobs”
Tony Stairs of PEM Corporate Finance added “The combination of new management and new clients with the existing high standards of manufacture and service delivery should give Sperling an exciting future on the UK High Street. We are delighted to have been involved with this deal and wish the new owners and staff all the best in their new venture”
David Waddell wished to thank all advisors involved in the deal including Mr Ivor McTighe of Lloyds TSB Corporate who provided finance, Mr Rhodri Rees of Adams Harrisson who provided legal support as well as PEM Corporate Finance who led the deal.
- Tonys’ expertise in sourcing bulk manufactured product from China will allow margin improvements throughout the Sperling business.
- David’s sales expertise will revitalise the Sperling sales operation.
- Tony’s manufacturing expertise will help deliver cost savings across the board
- David and Tony are supported by Colin Rutherford who will take 5% of the new business; he is a successful corporate financier working in the City and will provide advice (as a non executive director) of the business.
As already noted Tony and David have agreed to acquire Sperling in March 2008 for a fixed price of £1.19m. To make sure the deal is successful however both Tony and David joined the Board of Sperling in July 2007 with Tony working full time as the Managing Director of the business and David leading sale. This has had a number of benefits:
- It has allowed Tony and David to successfully integrate the new business into Sperling before deal funding pressure arises.
- It has allowed them to identify issues and opportunities in the business and to begin to put plans into action.
- They are going into the acquisition with their eyes fully open.
Please contact either Tony Stairs or Lake Falconer in PEM Corporate Finance on 01223 728222 or email either tstairs@pemcf.com or lfalconer@pemcf.com
Left to right, back row - Ivor McTighe of Lloys, Tony Stairs of PEM Corporate Finance and Rhodri Ree of Adams Harrison.
Left to right, front row - Tony Gale and David Waddell of Sperling
Date:19 March 2008
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