Tue, 13 Sep 2011 | ADMINISTRATION
Brintons Carpets has been bought out by The Carlyle Group in a deal worth £40 million, just two months after announcing a search for new funding desperately needed to keep it going.
As part of the deal, US private equity group Carlyle will inherit £20 million in debt and invest £20 million into the family-run carpet manufacturer.
The business was sold through a pre-pack administration deal, however, without seeking the approval of the shareholders first.
Chairman of the Brintons’ family council, Guy Burnell said, “We were completely kept out of the picture. The board promised us that the business would remain solvent and in the end it was sold from under our feet through a pre-pack administration without shareholder approval.”
Ian Jackson, the director of Carlyle Strategic Partners returned with, “Brintons was losing business and cash, and had been for a considerable amount of time. If a deal had not been done on the Friday the business would not have survived on Monday.”
Set up by William Brinton in Kidderminster in 1783, the firm makes carpets for the domestic and commercial markets, and has about 1,670 staff across the globe. Prestigious hotels including the St Pancras Renaissance hotel and the new Queen Mary use Brintons carpets.
Opportunity to acquire a well-established builders merchants located in South Wales, offering a robust reputation and a strong customer base.
An exciting opportunity has arisen to acquire a group of established cafes and bars situated in prime locations across three vibrant areas of Bristol.
LEASEHOLD
An exclusive chance to acquire a network of 17 well-established convenience and off-licence stores located in the North of England.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.