Law firm supports luxury fragrance house following Dragons’ Den investment
Liverpool-based national law firm, Weightmans, is working with British fragrance house, Owen Drew England, to advise the business on its scale-up following a £50,000 Dragons’ Den investment.
The Weightmans team provided legal support throughout the deal, which completed in August.
They helped to get the business investment-ready, as well as advising its founders, Drew Cockton and Michael Skeggs, on the equity documents and terms relating to the £50,000 offered by Touker Suleyman in exchange for a 30% stake in the business.
The exposure granted by Dragons’ Den offers the business enormous potential for growth, with sales increasing by 6,300% in the week following the episode’s airing.
The multi-award-winning, all natural fragrance business, which produces scented candles, luxury soaps, perfumes, bath oils and other home fragrance and bath and body products, now boasts a turnover in excess of £1m, with products stocked in nearly 40 outlets across the UK.
Weightmans will be working closely with the founders on the business’s next phase of growth as it scales up over the next few years.
Key areas for growth will include expanding the business’s digital and physical retail offering, establishing new fulfilment arrangements, and exporting internationally, all areas Weightmans has expertise in.
Drew Cockton said: “The investment is a significant opportunity for the business and we want to make sure that we capitalise on the additional exposure, financial backing, and industry experience Touker brings to scale up the business as quickly as possible.
“As we grow, it will be essential for us to preserve the quality and values of the brand that make us so popular with customers, as well as investing back into the local Merseyside region by creating jobs and taking on larger premises in the Wirral.”
Kieran Donovan, corporate partner at Weightmans, said: “Owen Drew England is an incredibly promising business and this important scale-up process is the next step in its exciting growth. We look forward to working with Drew and his team to advise the business over the coming years.”
The multidisciplinary team at Weightmans was led by partner Kieran Donovan and his colleagues, Francesca Hillyard and Sophie Fulwell. Rosie Evans and her team at Lewis Evans Partnership also provided financial due diligence and transactional support for the investment.