Beauty business Grace Cole seals growth deal
A FAST-growing North West health and beauty products business Grace Cole has sealed a major funding deal after a buyout by its founder.
Award-winning businesswoman Tracy Mort, who founded Stockport-based Grace Cole in 2009 with business partner David Gerrard, has received backing from RBS Corporate. The value of the deal was not disclosed.
Tracy Mort, whose efforts in championing UK manufacturing earned her an MBE this year, has built a number of exciting independent brands which are exported to more than 60 countries.
Turnover this year is set to top £8m. Grace Cole, which brought its manufacturing back to the UK from China in 2011, has developed brands including Boutique, Fruit Works and Tea Tree & Witch Hazel.
Ms Mort, managing director, said: “This is an exciting time for the company, in particular with the expansion into major multiples and overseas territories such as Japan.
“The future looks very bright for Grace Cole and the funding will enable additional investment in innovative new product ranges and will support our continued development.
“We have experienced significant growth in recent years and our turnover is expected to break the £8m barrier in 2013-14.”
Ricardo Laverty, RBS Corporate Transactions, and Stephen Lee provided banking facilities to the company. James Wild and Nick Wyatt from Baker Tilly corporate finance in Manchester, acted as lead adviser to Grace Cole. Frank Shepherd and Vicky Barker from DWF, acted as legal adviser to the company.
Patrick Keown from law firm Hill Dickinson, advised RBS and Neil Robinson from Mazars, completed financial due diligence.
James Wild said: “We are delighted to have advised Tracy on the successful MBO of Grace Cole. This demonstrates that debt funding is still available for fast growing and profitable businesses in the North West”
As well as the MBE for Tracy Mort, Grace Cole won International Trader of the Year at the Nectar Business Small Business Awards 2012. Ms Mort was presented with the trophy by top businesswoman and Apprentice star Karren Brady.
