Conservatory group boosts turnover to £40m with acquisition
Wakefield-based Conservatory Outlet Group has made its second acquisition of 2017, taking its revenue to more than £40m.
The company’s latest deal welcomes North West retailer Clearview Home Improvements to the group.
The purchase of Clearview, combined with the recent acquisition of Pennine Home Improvements, gives the group a “sizeable inroad” to consumer sales, it said.
Chief executive Greg Kane said: “We’re absolutely delighted to welcome our long-standing network partners Clearview to the CO Group. With an unbeatable reputation for local excellence in the North West, the team at Clearview will continue to augment their unique approach to home improvement, imparting their innovative solutions with our network to stimulate wider growth we never thought possible a year ago. Allied Irish Bank (GB) have also continued to demonstrate their confidence in our business by providing funding once again to assist our future growth strategy.”
Clearview, with showrooms in Warrington, Preston and Nantwich, has seen its sales double to around £14m since joining the network in 2009. The new combined turnover represents a six-fold growth for the Conservatory Outlet Group in seven years.
Exiting as shareholders of Clearview, Chris Mitchell, managing director, and Andrew Ross, installations director, will remain in their day-to-day roles beyond the deal together with sales director Gary Oakes, with a longer-term succession plan to follow.
Mitchell says: “We’re thrilled to be part of the Conservatory Outlet Group and the opportunities that it brings for our company. This move is very much about accelerating our growth.”
Funding to support the deal was structured by Allied Irish Bank (GB), represented by Mark Billington and Matthew Fannon, with advice from accountancy firm Mazars and legal advice from Fieldfisher.
Billington said: “Conservatory Outlet are experiencing an exciting and rapid period of growth and this acquisition forms part of a targeted and planned strategy to expand the business. We are delighted to assist them with this journey to strengthen the business even further by increasing their geographical footprint and broadening their customer base.”
