CHEERS: Paul and Marvin celebrate the deal with Andrew Clare of Napthens
AN Accrington-based home and giftware specialist has undergone a £2.3million management buyout.
The deal has been led by Straits' existing managing director Marvin Lomax and finance director Paul Aspin and sees the duo acquire controlling stakes in the business from Garland Whalley and Barker, a Yorkshire-based private investment company.
Straits was established in 1981 and specialises in the design, importation and wholesale of homeware, gallery and garden furnishings. Operating from an 8,000sq ft showroom in Accrington the company stocks over 2,000 products, ranging from candles and photo frames to furniture and outdoor living items.
The company employs 27 people and has a turnover of £5.3m, which Marvin and Paul are confident of increasing in the future through organic growth.
The deal has been funded by the Royal Bank of Scotland and also involved Blackburn-based solicitors Napthens.
Mr Lomax said: "This arrangement brings a number of benefits to the business. It provides our employees and existing clients with the continuity they are used to and also gives Paul and myself the opportunity examine ways in which we can grow the business.
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"We are looking to broaden the range of products we can offer our clients and in addition are looking to expand distribution channels."
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