Acquisition creates £25m-turnover conservatory group
A £25m-turnover group has been created by the merger of two conservatory specialists.
Wakefield-based Conservatory Outlet has acquired Newcastle-based Pennine Home Improvements in the deal which will grow the group’s turnover.
Conservatory Outlet manufactures high-quality windows, doors and conservatory products from its 60,000 sq ft facility in West Yorkshire.
It is managed by Greg Kane CEO and Michael Giscombe, MD. Kane said: “We’re delighted to announce that Pennine Home Improvements and Conservatory Outlet have joined forces, bringing the manufacturing hub of our business closer to the customer than ever before.
“Pennine has been part of our network of retailers for just over three years, and has experienced an impressive 30% growth in that time, largely due to its highly committed management team and excellent internal processes. I’m certain our new vertical partnership will facilitate a level of knowledge-sharing never before seen in this market which will further support the growth and development of both businesses.”
Pennine Home Improvements will continue to operate as a separate retail business from its existing showrooms in Benton, Gosforth Park, Birtley and Ponteland. Graham Auld, the previous owner and managing director will exit the business.
Mark Tinnion, the former brand director will become managing director and work alongside his fellow management team which includes Derek McLaren, sales director.
Tinnion, of Pennine Home Improvements said: “We’re really excited about joining forces with Conservatory Outlet and the opportunities for growth that it presents. Our customers are at the heart of everything we do, and being closer to the manufacturing process can only enhance that.”
Mark Billington and Matthew Fannon represented Allied Irish Bank (GB) on the deal. Mark Billington, senior relationship manager said: “The acquisition has great advantages for both parties and forms part of Conservatory Outlet’s impressive strategic growth strategy. We have been delighted to support Conservatory Outlet since 2014 when owners Greg Kane and Michael Giscombe acquired full ownership of the business and we helped to fund the deal.
“They have a very successful and fast growing business and we are pleased to assist a local manufacturer to extend their presence as a market leader within the industry following this latest acquisition.”
Image features: Derek McLaren, Sales Director of Pennine, Graham Auld, Former Owner/MD of Pennine, Michael Giscombe, MD of Conservatory Outlet Limited and Greg Kane, CEO of Conservatory Outlet Group.