Hartlepool-based Whitestone Weavers, which comprises five companies, has been acquired by manufacturing company Victoria, in a deal which will give the group extra buying power as part of a growth strategy.
Whitestone, operating from facilities in Hartlepool with a workforce of more than 100 staff, designs, sells and distributes carpets across the UK.
The company outsources its entire yarn and carpet manufacturing process to companies that are not part of the existing Victoria group.
Tait Walker’s team including Andrew Moorby and Michael Smith assisted with the transactional tax elements and supported managing director Steve Byrne with the deal.
Steve Byrne, managing director of Whitestone, said that it will be a “privilege” to be part of the Victoria group.
“There are many synergies between the newly enlarged groups, not just in terms of logistics, but also in the wealth of experience and management talent,” he added. “We are confident these synergies will enable the group over the coming months to increase the returns of all operations with improved efficiency and extra buying power.
“The result will be enhanced service to our customers.”
Andrew Moorby, managing partner of Tait Walker added, it was a pleasure working with Steve and the team on what is a very positive step forward for the business. We wish the group every success and we’re pleased to see that North East part of the group will still be run from Hartlepool, keeping a great business in our region.”
All key senior management of Whitestone will remain with the business and it will continue to operate independently, from its Hartlepool base.
The annualised turnover of the enlarged group will be more than £200m, operating from six manufacturing sites in the UK and two in Australia.
Funding for the acquisition is being provided for by Victoria’s bankers, Barclays Bank, in the form of an additional £5m facility. Victoria will retain Whitestone’s existing trading bank facilities with HSBC.
Original Source: Insider News