Simply Pool on cue to buy rival
TWO of the country’s leading pool and football table manufacturers have merged creating a stand alone market leader.
Oldham-based Simply Pool has bought neighbour and rival Ashton-under-Lyne-based m Excel Leisure Products for an undisclosed sum.
According to most recent accounts filed at Companies House, in the year to March 31 2008 ELP had net assets of £147,215 and made a profit of £97,215.
The deal, which was advised on by Baker Tilly’s corporate finance team in Leeds, sees the bringing together of two “premium brands” in the competitive leisure sector.
Hamish Morrison, of Baker Tilly, said the deal demonstrated that when all parties worked constructively together on good quality opportunities a successful outcome could be achieved.
“Obviously the deal market is very tough at the moment.Whenever a business is looking to sell to a major competitor there are sensitivities. But everyone took a sensible approach, which provided the firm with a good exit.”
Giles Clegg at Lupton Fawcett, who also advised Excel Leisure, added: “It is possible to get deals done in a challenging climate.
“I am pleased for the shareholders of Excel Leisure who are a dedicated and hard working team.”
Banking facilities and debt were provided by Barclays and negotiations were handled on behalf of Simply Pool by Aegos and Shulmans.
Before the swoop Simply Pool had a £4m turnover and employed 30 staff.
Documents filed at Companies House show that since the deal Excel Leisure Products’ directors Daniel Cullen and Stanley McKenna have resigned to be replaced by Simply Pool’s three executives, Paul Adams, Neil Weaver and Robert Underhill.
