Entrepreneurs back with Hart deal
THE man who ran the Duke of Devonshire's estate has led a deal to buy a luxury bathroom retailer.
Yorkshire entrepreneurs Richard Reynolds and Kevin Ohle have bought CP Hart, which sells bathrooms through showrooms in Waterloo, Guildford, Esher,
Primrose Hill and Manchester, for an undisclosed amount from the Nobia Group which owns the Magnet and Pogenpohl brands.
The deal marks a return to business for the duo who themselves sold Halifax-based kitchen manufacturer Gower Group to Swedish group Nobia for £68.5m in 2003.
The two entrepreneurs have financed the acquisition of Dartford, Kent-based CP Hart themselves through their Charco 2010 business. Mr Reyolds becomes executive chairman while Mr Ohle is executive director working with the existing management team.
After selling Gower Mr Reynolds became chief executive of the Devonshire Group responsible for some of Britain's best known tourist attractions including Chatsworth House and Bolton Abbey as well as the Devonshire Arms Hotel.
The pair were joint managing directors of kitchen, bedroom and furniture manufacturer Gower Group which they bought in 1988 backed by private equity firms Bridgepoint and Electra after careers with management consultancy McKinsey. They turned it from a loss-making company into one of the best performing in the industry before the sale to Nobia.
They also managed the acquisition, turnaround and subsequent sale of the luxury kitchen manufacturer Smallbone of Devizes.
Mr Reynolds said: "CP Hart has an excellent management team in place and we are really looking forward to working alongside them on a variety of diverse projects. Specifically, we will be pooling our collective expertise to accelerate the opening of additional stores in selected towns and cities across the UK. It's not inconceivable that we may also look abroad at some stage too.
"Whilst my direct skills encompass brand positioning and the management of retail sales growth, Kevin has considerable experience of global product sourcing and is also very au fait with IT system selection and installation, therefore he can help enhance the future efficiency of CP Hart. We envisage our role as providing some leadership, yes, but fundamentally to work alongside Paul Rowland (CP Hart managing director) and his team on a project basis where our skills combined with the skills of his team will enable CP Hart to go from strength to strength," he added.
CP Hart was founded in 1937 as a family business and has more than 100 staff and is the UK's largest luxury bathroom retailer.
Managing director Paul Rowland said: "Richard and Kevin's acquisition of CP Hart will give us added impetus and their experience will prove to be invaluable."
