Dancewear brand steps into employee ownership
Manufacturer, wholesaler and retailer of dancewear Roch Valley has moved into employee ownership.
The Heywood-based company is now owned by its 74 employees under an Employee Ownership Trust (EOT).
The transaction was supported by Barclays Corporate Banking (debt financing), Mills & Reeve (legal and tax) and Initium Corporate Finance (transaction advisory services).
Founded in 1980 the business, which also has a site in Oldham, designs, manufactures and wholesales dancewear, shoes and accessories under the Roch Valley brand. The company also develops its own premium, technical gymnastics garments under The Zone label.
Following the transition to employee ownership, the business will be led by a senior management team under Donna Golding and Ria O’Neill, who have been appointed to the board of directors as CEO and financial director respectively.
Danny Doughty, former CEO, shareholder and part of the founding family of the business, said: “I am incredibly proud of the business we’ve built over the years and I am delighted to hand the reins over to the brilliant team here, led by Donna and Ria. As shareholders, we have spent some time considering our sale and exit options. I have seen other businesses in our industry acquired by other organisations, mostly by overseas investors, and while there has been a lot of interest in Roch Valley, we felt that employee ownership was by far the best option for us. There has always been a family feel to Roch Valley, and a culture of togetherness. Becoming employee-owned secures that, for good.”
Golding said: “This is fantastic news from our business – and a chance for us, the employees, to build on the legacy of a truly British manufacturing company, under an ownership model where every single member of staff has a stake in the business, its vision, and its future. Ria and I are incredibly honoured to lead Roch Valley forward, and we see this as an evolution, rather than revolution, of all that Roch Valley stands for.”
Partner Chris Ross led the Mills & Reeve team advising the shareholders of Roch Valley, alongside Stuart Aldred and the team at Initium Corporate Finance – itself an employee-owned business. Asset-based lending was provided by Barclays Corporate Banking, Lancashire and Cumbria.
