Acquisition no.2 of 2017 for Conservatory Outlet
Mon 03 Jul 2017
Wakefield-based Conservatory Outlet Group has announced its second acquisition of 2017 with a deal that welcomes leading North West retailer Clearview Home Improvements to the family, taking the Group’s combined revenue to over £40million.
This latest deal is a firm stake in the ground from Group CEO Greg Kane and Conservatory Outlet Limited’s Managing Director Michael Giscombe, realising their goal of bringing together the ‘best of regional’ with the ‘scale of national’. Funding to support the deal has been structured by Allied Irish Bank (GB) with advice from international accountancy and advisory firm Mazars and legal advice from Field Fisher.
The purchase of Clearview, combined with the recent acquisition of Pennine Home Improvements, gives the Group a sizeable inroad to consumer sales. This in turn allows fabricator Conservatory Outlet Limited, which is based in the Thornes Lane Wharf area of the city, to pick up valuable insight from two of the North’s leading retail and installation companies to bring the customer closer to the business than ever before.
Greg explains: “We’re absolutely delighted to welcome our long-standing Network partners Clearview to the CO Group. With an unbeatable reputation for local excellence in the North West, the team at Clearview will continue to augment their unique approach to home improvement, imparting their innovative solutions with our Network to stimulate wider growth we never thought possible a year ago. Allied Irish Bank (GB) have also continued to demonstrate their confidence in our business by providing funding once again to assist our future growth strategy.””
Clearview, with showrooms in Warrington, Preston and Nantwich, has seen its sales double to around £14million since joining the Network in 2009. The new combined turnover represents a six-fold growth for the Conservatory Outlet Group in just seven years.
Exiting as shareholders of Clearview, Chris Mitchell (Managing Director) and Andrew Ross (Installations Director) will remain in their day-to-day roles beyond the deal together with Sales Director Gary Oakes, with a longer-term succession plan to follow.
Chris Mitchell says: “We’re thrilled to be part of the Conservatory Outlet Group and the opportunities that it brings for our company. Greg and Michael were the obvious choice to purchase our business, we trust them implicitly and know that they’re as passionate about our company as we are - this move is very much about accelerating our growth.”
Conservatory Outlet Limited will remain a B2B company with a strong understanding of the retail market – with both Clearview and Pennine running side by side as sister companies within the CO Group. As with Pennine, Clearview will retain exclusivity of its trading area within the network so the deal does not conflict with any of the group’s 23 other retail partners around the UK.
Greg concludes: “Our existing Network of retail installers should be truly motivated by this latest move – the opportunities for Growth with CO are stronger and more real than ever before, with a unique culture emerging that sets aside our family as a cut above the rest.
“We’re continuing to actively seek new retailers in untapped areas of the UK - this is a really exciting time to become part of our Network.”
Mark Billington and Matthew Fannon represented Allied Irish Bank (GB) on the deal which is the second acquisition this year for Conservatory Outlet that has been supported by the bank. Mark Billington, Senior Relationship Manager said: “Conservatory Outlet are experiencing an exciting and rapid period of growth and this acquisition forms part of a targeted and planned strategy to expand the business. We are delighted to assist them with this journey to strengthen the business even further by increasing their geographical footprint and broadening their customer base.”
For further information on Conservatory Outlet, visit conservatoryoutlet.co.uk.
For further information on Clearview Home Improvements, visit clearviewhome.co.uk