Investor acquires majority stake in £325m turnover manufacturer
Belfast-based W&R Barnett has acquired a majority shareholding in the Symphony Group, including The Symphony Group plc, for an undisclosed sum.
The Symphony Group plc was founded in 1971 and is one of the UK’s largest manufacturers of fitted kitchen, bedroom and bathroom furniture under its Laura Ashley Fitted Furniture, Gallery, Linear, Koncept and Urbano brands.
It supplies nationally to private developers, social housing providers, merchants and independent retailers.
With a turnover of more than £325m in 2024 the group employs over 1,800 people on four sites in Yorkshire and Nottinghamshire.
W&R Barnett is a fourth-generation family business which focuses on owning and investing in successful operating businesses and their employees.
Founded in 1896, the W&R Barnett group has grown from its origins as a grain merchant in Northern Ireland to a group of commodity trading and industrial businesses across the globe.
The current beneficial owners of the Symphony Group, Doug Gregory and his family, will retain a significant share in the business and be represented at board level.
Recently appointed managing director, Paul Whitehouse, who has been with the business for 23 years, will continue to lead the Symphony executive team.
W&R Barnett CEO, William Barnett, said: ‘‘We are very excited to invest in the Symphony Group and look forward to working with the management team to continue its success and growth.”
Whitehouse added: ‘‘W&R Barnett’s investment will place the Symphony Group in a strong position for long-term success and strengthen our position as market leader.
“This deal will deliver security to all our stakeholders – employees, customers and suppliers.
“We share with W&R Barnett many core values including a commitment to employee welfare, excellent customer service, innovation and an appetite for growth.’’
Sentio Partners led the transaction on behalf of the Gregory family interests.
Ian Marwood, partner, added: “Having worked with both the family and the Symphony Group for many years, I am delighted at the outcome of this deal and will continue to represent the family as a non-executive director on the board of Symphony.”
Macfarlanes and Walker Morris provided legal advice to the shareholders, while KPMG provided vendor due diligence services and tax advice.
W&R Barnett was advised by Davidson McDonnell (legal), Lewis Silkin (legal), McKinsey (commercial due diligence), EY (financial due diligence), PwC (tax), Neuways a Zenzero Company (IT/cyber), Cushman Wakefield (property) and Tetratech (environmental/ESG).
