Mon, 02 Oct 2023 | BUSINESS SALE
Bathroom retailer Victoria Plum has been acquired by e-commerce retailer AHK Designs Ltd in a pre-pack deal. The company was sold by its former owner, private equity firm Endless, after administrators from Ernst & Young LLP were appointed at the end of September.
Victoria Plum, which is headquartered in Doncaster, employs more than 300 staff and reported turnover of £113.6 million in the year ending February 28 2022, on which it generated pre-tax profits of £736,000.
The firm was acquired by Endless in 2019 and subsequently saw three years of profitable growth. However, in recent months, the company had been hit by the impact of the cost-of-living crisis on UK consumers, as well as significant inflation in global freight costs.
This resulted in the company encountering issues with cash flow and profitability, ultimately leading to the decision to place the business into administration and seek a sale to a larger group that operated complementary businesses, in order to enable its continued development.
Ernst & Young LLP partners Samuel James Woodward and Timothy Graham Vance were appointed as joint administrators on September 29 2023 and subsequently secured a sale of the business and certain assets to AHK Designs. The deal includes the company’s head office, nationwide distribution network and entire workforce.
AHK Designs Director Aamir Khurshid commented: "Victoria Plum is a leading online retailer of bathroom products with a strong brand and market-leading product. We are pleased to be investing in the future of the business and look forward to welcoming all of Victoria Plum's employees into AHK Designs."
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