Wed, 06 Mar 2019 | MBO/MBI
Heritage Cashmere, a West Yorkshire supplier of high-end cashmere goods to retail spaces across the UK, in particular to international fashion houses and premium brands, has successfully completed an MBO worth £5.5 million.
Based in Halifax and established in 1977, Heritage Cashmere’s MBO was supported by ThinCats – an alternative finance provider. The company itself manages its production in Hong Kong, through a firm called Prodesse.
Andrew Sykes, Heritage Cashmere’s group chief executive, acquired the vast majority of the firms from John Kaye, the founder of the company who will continue as the chairman and shareholder of the business.
Sykes said: "I am grateful to John for his hard work in building up Heritage Cashmere to be the successful company that it is today and for creating the platform for the business to flourish in the future. I am proud and excited to be leading a talented team, who will work closely with our customers and suppliers to build on our success."
BHP Corporate Finance were called in to advise on the deal, with Andy Haigh and Juel Chowdhury assisting as lead advisers.
Haigh said: "We are really pleased to have structured and delivered the transaction for the client. There were a number of unique factors to the business, which meant it wasn't a straight forward funding ask. However, Thincats demonstrated an ability to work with us to accommodate these factors and deliver a highly suitable financing package.”
Director regional business development at Thincats, Ben Kimball, commented: "We are delighted to support such a high calibre management team with a bespoke £2.75 million funding package, tailored to meet this unique business. We wish Andrew and the team every success with the venture and their next stage of growth."
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