Flooring group sells Swiss business
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Floorcoverings group Headlam has sold its Swiss business in a £12m deal with the management team.
£31m-turnover Belcolor was seen as offering limited growth potential and its suppliers and products is “significantly” different from Headlam’s operations in the UK, France, and the Netherlands.
Belcolor had “fairly uninterrupted operations” in 2020, and generated pre-tax profits of £1.1m. It accounted for about 5% of the group’s total sales, in a year were revenues fell by more than £100m because of the impact of the pandemic.
The management team of Patrick Meier, Peter Jud, Robert Engel and Joel Schneider will acquire 100% of Belcolor through a new entity, CH Floorcovering Group, and will continue to operate the business under the Belcolor name.
Birmingham-based Headlam acts as a channel between suppliers and trade customers of floorcoverings. It operates 66 businesses across the UK and Europe, with each business operateing under its own trade brand with individual sales teams.