MBO at Northants furniture firm

A Northamptonshire furniture designer and manufacturer has been bought by its management.

Ocee Design, who recently acquired the Danish furniture manufacturer, Four Design, has seen chief executive Alistair Gough increase his shareholding to become the major shareholder in the business following £5.6m of funding from Barclays in addition to the £10m of funding provided by the Business Growth Fund.

The acquisition will enable the group to operate across Scandinavia, Europe, USA, China and Australia and be known as Ocee International. It will see turnover increase from £15 to £30m.

Gough said: I am delighted with the support and faith Barclays have shown in Ocee Design to enable the buy-out of my fellow shareholders. This has enabled the establishment of Ocee International Ltd and the opportunity to acquire Four Design which will contribute significantly to our long-term international growth strategy.

Richard Parker, relationship director at Barclays said: “Alistair and his management team have a clear focus about the direction which they want to take the business. They have achieved great success in recent years and by providing this funding, we will be supporting the business further with their ambitious growth plans.”

Keith Ross, corporate director for Barclays added: ‘We are delighted to have supported Alistair and his team with the management buyout and look forward to working with him during the implementation of the business’ growth strategy. The acquisition of Four Design provides a fantastic platform for an enlarged group to continue to deliver the headline revenue growth Ocee has achieved in recent years.”