Endless LLP, the private equity fund focused on UK businesses with strong development potential, has acquired the value retailer GlynWebb for an undisclosed sum. GlynWebb is a well established chain selling discounted DIY, homeware and garden products across the Midlands and North of England. The business, which generates annual sales of £45 million, currently has 27 stores and employs 650 people, and there are plans to increase its stores portfolio.
The acquisition by Endless comes after a difficult 12 months in which a depressed retail market, coupled with an inappropriate debt structure, had left GlynWebb with a number of obstacles to be faced. However with a new and committed investor, as well as the continued support of a loyal customer and supplier base, management are confident that future trading will be very strong. The existing management team at GlynWebb will remain in place and is well positioned to take advantage of the additional investment provided by Endless.
George Marcall, the CEO of GlynWebb said: "This is an exciting development for the team at GlynWebb. The outlook for the months ahead is very positive with our customers responding well to the value we offer for DIY, home and garden products. We are delighted to be working with the team at Endless; their investment in the business represents yet another exciting phase in our history."
Gary Davison, who led the deal for Endless, commented: "GlynWebb is an excellent company that has a unique value proposition within a highly competitive retail sector. The business has an impressive management team which has performed exceptionally well despite extremely difficult retail conditions that have affected the entire sector. We are confident that through our investment and improved debt structure the company will be able to further develop its product offering and significantly increase its share of the market."
GlynWebb is the 11th investment for Endless since it was founded in December 2005. Other transactions, across a number of different sectors, include: a £13 million growth capital investment in the PVC doors and windows manufacturer Speed Frame; a £2 million investment in the furniture company Neville Johnson; another £2 million funding package for the branded toiletries business Link Brand Solutions; and the £12.5 million financing package acquiring IBP Limited and Europower Limited from Advanced Fluid Connections plc.
Further information:
Endless LLP
Gary Davison
Investment Director
+44 (0) 7887 625110
gary.davison@endlessllp.com
GlynWebb
George Marcall
Chief Executive Officer
+44 (0) 161 621 4500
Tim Baker
Finance and Operations Director
+44 (0) 161 621 4500
Media enquiries:
Capital MS&L
Peter Curtain
peter.curtain@capitalmsl.com
+44 (0) 20 7307 5330
www.capitalmsl.com
Notes to editors:
Endless LLP
Endless provides investment and financial advice to support buyout, turnaround and re-financing situations with equity and debt injections. Based in Leeds, the firm prides itself on its market-leading speed combined with ultra-efficient service. Endless makes its own investment decisions, without any need for approval by a credit committee. Supported by private investment, Endless has raised an initial fund of £100 million to invest.
GlynWebb
GlynWebb is Britain's largest independent DIY and home improvement retailer. The store portfolio consists of 27 sites based as far North as Sunderland to as far South as Colchester. Currently the company has approximately 650 employees and is based in Oldham, Greater Manchester. GlynWebb is very proud of its ability to offer quality products and major brands in the latest styles at affordable prices. The company aspires to make stylish living attainable for everybody. Recently the quality of the company's operations has been recognised by the DIY industry's annual Retail Awards with GlynWebb winning Best Independent Decor Retailer in 2003, Best Retail Marketing / Advertising Initiative in 2004 and Best Retail Training Initiative 2005.
www.glynwebb.co.uk/
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