Redwood acquires textile rival to create £25m group
LANCASHIRE textile firm Redwood Distribution has bought Yorkshire rival Edmund Bell, which supplies fabrics to hospitals and universities.
The deal, financed by Barclays Commercial Bank, sees Redwood, which was founded in 1994 and is based in Skelmersdale, acquire Bradford-based Edmund Bell which was established in 1855 to create a business with a combined turnover of £25m and 125 employees.
Redwood imports textiles for wholesale.
Picture shows, from left: Chris Wynne, Barclays Commercial Bank; John Atherton, business development director, Redwood Distribution; Sarah Handforth, finance director, Redwood Distribution; Mike McDermott, director, Barclays Asset Sales Finance; Brian Atherton, managing director, Redwood Distribution.
The facilities from Barclays were arranged by Chris Wynne, senior relationship manager, with an asset based lending facility provided by Mike McDermott, director at Barclays Commercial Finance. Grant Thornton advised on the acquisition.
Edmund Bell originally operated within the clothing industry making linings for suits and is now a major supplier of fabrics and curtain linings to retailers, hospitals, hotels, and universities.
Brian Atherton, managing director of Redwood Distribution, said: “Our business is performing well and has delivered significant growth in revenue and profit over recent years on the back of strong organic growth and selective acquisitions.”
Mr Wynne of Barclays, said: “Barclays has been delighted to support Redwood Distribution Limited as a valued customer in making this strategic acquisition. It is testimony to the determination and imagination of Brian Atherton, the strength of the business and its management team and we are pleased to be associated with this exciting phase of their development.”
