Law firm Gordons advises directors of Bradford-based Jacuzzi UK on buyout of world renowned sanitaryware factory
Yorkshire law firm Gordons has advised two directors of Bradford-based Jacuzzi UK on a buyout which has helped to continue to safeguard the future of a world-renowned ceramic sanitaryware factory.
Jacuzzi UK’s managing director Mark Prince and marketing director Dave Tutton have bought the manufacturing business based in Newcastle-under-Lyme, Staffordshire, under licence from the company’s parent group for an undisclosed sum. The business now operating from the premises has been named Silverdale Bathrooms and both owners are in the process of leaving Jacuzzi UK.
The factory, which has a workforce of 50 and will continue to be managed by its previous team, is one of the few remaining ceramic producers in the UK. It has been responsible for some of the finest hand-crafted vitrified china bathroom pieces in the world for 30 years, with many of its expert craftsmen practising skills passed down from previous generations.
A team from Gordons, led by corporate solicitor Jonathan Asquez and comprising Paul Stokey (employment), Matthew Martin (commercial) and Kathryn McDonnell (commercial property), assisted the new owners with the purchase.
Mark Prince said: “Gordons did an excellent job for us. We really appreciated the simple, straightforward, no-frills style of all the people we worked with there.”
Included in the purchase is the luxury BC Sanitan brand, which will be sold directly by Silverdale. The new company will also manufacture Jacuzzi-branded products under licence and supply them to the market via Jacuzzi UK.
Commenting on the deal, Jonathan Asquez said: “We are pleased to have played our part in delivering a successful transaction for Silverdale. It has a great platform from which to continue and grow its strong tradition of highly skilled manufacturing.”
The buyout was supported by Skipton Business Finance - who were advised by Adrian Ballam, at Leeds and Bradford-based law firm Schofield Sweeney - and Birmingham-based commercial fund manager Midven. Multinational legal practice Latham & Watkins advised the Jacuzzi Group on the sale.
Richard Brier, corporate manager, Skipton Business Finance, said: “We were delighted to assist the management team at Silverdale with a revolving invoice discounting facility and term loan against the plant and machinery. We’re a pioneer in understanding the future potential of our clients and we have enjoyed great success working with UK businesses that, when given access to additional working capital, go on to flourish and reach their true potential.
“Timescales were extremely tight and I’m delighted that all parties involved were able to demonstrate their willingness to get the transaction to completion by working together brilliantly.”
Midven has a successful record of investing in small and medium-sized Midlands enterprises.
Surjit Kooner, investment director with the firm, said: “Silverdale is an exciting opportunity to back a proven management team in a traditional West Midlands manufacturing business with real growth prospects. With expansion in to new markets and increased exports Silverdale has the potential to become a manufacturing success for the region.”
Jacuzzi UK’s head office is in Bradford’s Euroway Industrial Estate and the group has a factory in the city, manufacturing acrylic baths and kitchen sinks.
Published: 5th December 2011
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