Clydesdale Bank has provided senior debt and working capital facilities to support the acquisition of Sofa Brands International Limited (SBI).
Promethean Investments led an investor group and senior management to acquire the business from its previous institutional shareholders in January 2015.
SBI designs, crafts and sells some of the best-known sofa and chair brands in the UK via more than 600 retail outlets nationwide. The company was established in 2005 and owns the G Plan, Parker Knoll and luxury Duresta marques. SBI employs 750 professionals and craftsmen at manufacturing sites in Nottinghamshire, Derbyshire and Wiltshire and more than 300 skilled workers at its wholly-owned manufacturing facility in Lithuania.
Funding was provided by Clydesdale Bank’s Specialist and Acquisition Finance team, in Birmingham, led by senior directors Ian Howey and Ian Mansell, Senior and Antony Bryant, relationship director.
Ian Howey said: “Sofa Brands International has a first-class management team and a portfolio of industry leading brands which attract high recognition levels in the market. Our partnership with Promethean will support a world-class British manufacturing success story.”
Michael Burt, Partner at Promethean Investments,said: “Promethean sees many exciting opportunities for further growth and development of the business, and we are pleased to have the support of Clydesdale Bank as SBI enters this new chapter.”