Office furniture deal completed
AN office furniture maker with a manufacturing base in Yorkshire has been sold in a £1m deal.
Logic Office Group, based in Hounslow, which has its manufacturing arm, Kudos, in Rotherham, has been bought by businessman Mike Gardner and its existing management team.
The deal sees Hounslow-based Logic Office Group leave AIM listed parent company Black Arrow Group.The business employs about 60 staff across its three sites and there are no plans for redundancies.
The current management team will jointly acquire a 40% stake – their first significant investment in the business. This will be complemented by a 60% stake held by a consortium of shareholders headed Mr Gardner, and which also includes Black Arrow.
The business was founded 40 years ago by Arnold and Maurice Edward, whose families hold the majority of shares in the parent company and who will retire from the furniture business as both are now in their 80s.
After months of planning on the succession strategy Arnold Edward invited Mr Gardner to lead the deal.
Mr Gardner has built Warrington-based Claremont Group Interiors from a £2m to a £25m a year company and will use his 25 years of experience in office fit-out and refurbishment to support the Logic Office Group management team’s drive to expand the business.
He said: “I want to use the knowledge I have accumulated in building Claremont Group Interiors to progress the development and expansion of Logic Office Group.
“I have a track record of spotting the potential of a business and growing it and am very confident of being able to repeat that success with this opportunity.”
Mr Gardner stressed the deal was not a takeover of Logic Office by Claremont, saying: “While I remain absolutely committed to Claremont and will continue as managing director, we have built a strong management team and I have every confidence in the people who manage Claremont on a daily basis.
“I do believe in empowering my management team, and working with them to build a successful business has brought significant benefits and I hope to replicate this approach with Logic Office Group.”
