Irwin Mitchell’s Banking Team Advises On Deal
Online Home Retail Limited, an online bathroom products retailer based in Evesham, has completed a successful management buyout (MBO).
The MBO was supported by private bank Arbuthnot Latham and Panoramic Growth Equity. The Arbuthnot Latham team, led by Andrew Rutherford, was advised by Jon Bew from the Banking & Finance team at law firm Irwin Mitchell.
Online Home Retail Limited, trading as www.plumbworld.co.uk, offers quality bathroom products at affordable prices to the trade and public. James Hickman, the original founder of the business, led a team that bought back the company from Grafton Group plc.
Since its founding in 1999, the business has served over 1.5m customers, generating over £26m in annual revenue according to its latest published financial statements.
James Hickman, Managing Director, said: “The E-commerce consumer market is very fast moving and intensely competitive. It requires quick decision making, calculated risk taking and a ruthless focus on eliminating avoidable costs. We believe being independent will offer us greater agility and enable us to focus 100% of our efforts on delivering growth and improving profitability.”
Jeremy Cole and David Middleton of Cole Associates Corporate Finance acted as lead advisers to the MBO team on the acquisition and finance-raising.