Thu, 15 Jan 2026 | BUSINESS SALE
Yorkshire-founded kitchen manufacturer Magnet has been brought back under UK ownership after more than 20 years as part of the Swedish Nobia Group. Magnet was founded in Bingley, West Yorkshire in 1918 and now manufactures the majority of its products at a site in Darlington, where it employs more than 450 staff.
The business is set to be acquired by UK-based private equity firm Alteri Investors. London-headquartered Alteri specialises in retail and consumer businesses, with its current portfolio including Bensons for Beds and German brands CBR Fashion and the Baby Walz Group.
The deal, which is expected to complete during the first half of the year, will reportedly see Alteri Investors take on approximately £60.3 million of liabilities from Magnet’s network of leased UK showrooms. Alteri could also pay a consideration if it is successful in executing a turnaround of the UK business.
According to Nobia Group, UK market conditions have been challenging since Brexit and the COVID-19 pandemic, leading to its shop estate requiring investment. The group has restructured Magnet in recent years, including site closures and job losses in Yorkshire.
Nobia Group added that the UK business fell to an operating loss of around £8.7 million on a rolling 12 months basis, as of the end of September 2025.
In accounts for the year to December 31 2024, Nobia Holdings UK Limited reported turnover of around £354.1 million, down from £356.8 million the previous year, but succeeded in cutting operating losses from approximately £52.3 million to under £16.1 million.
Magnet Chief Executive Sophie Rose called the acquisition a “vote of confidence” in the business, adding that it had made “significant progress across retail, trade and B2B”.
Rose continued: "From the momentum we're seeing in our smaller-format showrooms to the exciting partnerships we’re developing, we’ve built a strong platform for growth. With Alteri's resources and expertise, we can now accelerate that progress and take our three-year plan even further."
Describing Magnet as a business with “strong heritage and a clear plan for growth”, Alteri Investors Investment Partner Arnold Vos said: “The business has shown resilience in a challenging market and has built solid foundations for the next phase. Its broad capability across the kitchen sector and ability to deliver at scale stand out.”
Magnet says that it is planning to open further stores over the coming months, including more smaller-format showrooms - stores designed to provide kitchen retail on the high street.
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