Swedish giant swoops for £6m turnover electric fire firm

A 51% stake in a Stratford-upon-Avon company which sells electric fires has been snapped up by a Swedish company.

NIBE Industrier AB has invested in CK Fires, which is known under the Evonic Fires brand, and has a call option for the remaining 49% of the shares by 2026.

CK Fires was founded in 2005 by Andy Cox, and is based in Stratford on Avon , and now has 35 employees and annual sales of £6m.

The Evonic Fires brand sells a range of electric fires through a network of 250 dealers in the UK and a range of distributors in Ireland, Spain, Holland and the USA.

Gerteric Lindquist, MD and group CEO of NIBE Industrier, said: “With this acquisition NIBE Stoves has a company that is fully focused on electric fires in a clearly expanding market in the UK, Europe and North America. We are also very pleased that Andy Cox will continue to lead the company as a partner.”

NIBE, founded 60 years ago, had sales of over £17bn in 2017, and employs a workforce of over 15,000 across its business on five continents.

 

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