A secondary management buy-out backed by Bank of Scotland Corporate, sees Phildrew Ventures, now known as IRRfc, realise its investment in the business.
The Denby management team were advised by Clearwater International. Bank of Scotland Corporate provided an integrated debt and equity package to support the deal through its Midlands-based Integrated Finance operation, which sees Garry Biggs, managing director lead the management team.
Established in 1809, Denby, which is based in Ripley in Derbyshire, was the subject of a buy-out by 3i in 1990. The company was floated in 1994 before being taken private in May 1999. It was at this point that the relationship with Bank of Scotland Corporate began, when the Bank co-underwrote the debt facility. Ian Guthrie and Stuart Winton of Bank of Scotland Integrated & Acquisition Finance Midlands, in a joint statement added: “Our Midlands based team identified early on the Denby business as providing an excellent integrated finance opportunity, particularly given the longevity of the business and its high barriers to entry. We are delighted to support Garry Biggs and his team and look forward to continuing to grow the business from its current market leading position.”
The group employs over 600 staff and had a turnover of £40 million in the year to September, an increase of eight per cent. Together with its 400,000 sq ft Ripley facility, Denby has 11 retail sites and a visitor centre. Denby has also recently introduced a complementary range of glassware, cutlery and accessories. The company has sales in over 30 countries worldwide including expansion into Canada, Australia, Germany, Scandinavia, Italy and New Zealand. The company mainly sells through department stores and specialist retailers including Debenhams, John Lewis and House of Fraser in the UK and Federated Department Stores in the US.