Online Home Retail Limited, which trades as Plumbworld, has just completed a successful management buyout from the Grafton Group.
A team led by an original founder of the business, James Hickman, bought back the company from the Grafton Group, which is the parent company of Selco, Buildbase, Plumbase and Leyland SDM.
Online bathroom products retailer Online Home Retail Limited is based in based in Evesham, Worcestershire, and trades as www.plumbworld.co.uk.
Since its founding in 1999, the business has served over 1.5 million customers, generating more than £26 million in annual revenue, according to its latest published financial statements.
Managing Director James Hickman said that he feels this is the right time for the MBO and being independent will allow the business to take advantage of new opportunities in the online bathroom marketplace.
He said: “The E-commerce consumer market is very fast moving and intensely competitive. It requires quick decision making, calculated risk taking and a ruthless focus on eliminating avoidable costs.
“We believe being independent will offer us greater agility and enable us to focus 100% of our efforts on delivering growth and improving profitability”
Jeremy Cole and David Middleton of Cole Associates Corporate Finance acted as lead advisers to the MBO team on the acquisition and finance-raising.
Panoramic’s investment was led by Partner David Wilson, supported by Investment Director David Atkinson. Panoramic received legal advice from Keith Dinsmore and his team at lawyers Vialex. James Cowper, Chartered Accountants provided Financial Due Diligence.
The management team received legal advice from Richard Norton of Charles Russell Speechlys. The Arbuthnot Latham team, led by Andrew Rutherford received legal advice from Jon Bew at Irwin Mitchell. Grafton Group were advised by Squire Patton Boggs. Transaction details are not disclosed.