Denby’s UK and US businesses have been sold to a management buyout team led by managing director Garry Biggs in a deal worth £30m.
The pottery company has been struggling to service its debt burden and had recently begun to shed jobs. Now, the buyout, funded by Valco Capital Partners, will allow a substantial restructuring of the business’ finances. Over half of the group’s £72m debt is being written off as part of the transaction, whilst VCP has also provided a working capital facility.
Commenting on the completion of the deal, Biggs said: “We are delighted that we have been able to secure a future for The Denby Pottery Company in what are unprecedented times both for the tableware industry and the global economy. The Denby board look forward to driving sustained growth and continued success in the future and to strengthening its pre-eminent branded position in its international markets.”
He added that the company would now be looking to make a number of “quality strategic acquisitions in the sector”.
Denby employs some 700 people, and there has been no announcement regarding further job losses.
The 200-year-old pottery is now on a stable footing