Poole: Fanshawe Lofts advises Hardy MBO

Southampton-based Fanshawe Lofts has completed the management buyout of Hardy Fabrics, one of the south’s leading fabric suppliers.

Corporate finance specialists Rosemary Penn-Newman and Peter Grinyer advised the management team on its acquisition of the Poole-based company from its parent, the Wrengate Company.

The deal will enable Hardy’s MD of the last 30 years, David Worrall, and finance/operations director John Newman to continue to grow the business which employs some 26 people locally.

Hardy Fabrics are wholesalers and converters supplying to a customer base of more than 1,800 across the United Kingdom, from household names such as John Lewis to local independent retailers. In addition to this eight per cent of the company’s growing markets are exports to the USA, South Africa and Europe.

Hardy Fabrics’ managing director David Worrall commented: “We are a long-established supplier to the trade and we are very ambitious for the future potential of the business.

“When it became clear that the textiles market was no longer a core focus for Wrengate we knew that we wanted to take ownership ourselves.

“Fanshawe Lofts specialist corporate finance team enabled us to do just that. They worked with our existing funders to secure the business on our behalf. They were great to work with and all the while enabled us to maintain our focus on the important task of the day to day running of a very busy business.

“They were thoroughly professional and I am delighted that we can now continue to expand the Hardy business.”

Fanshawe Lofts partner Rosemary Penn-Newman added: “The fact that the management team already had the backing of Royal Bank of Scotland in place meant that we were able to move very quickly to finalise the management buyout.

“The business has thrived under David and John’s guidance down the years and I am sure that it will continue to do so now that they are also at the financial helm and I wish them every success.”

Hardy Fabrics future plans including the continued expansion of its specialist range of woven and plain fabrics to the retail where it is already a market leader. The business will also focus on advancing its Fast Option range - which sits between the ready made and custom made curtain making service – and which is continuing to increase in popularity and represents another growth market.