Denby Pottery, the 200-year-old manufacturer of premium casual tableware has been acquired by its management team. Garry Biggs, Managing Director, is leading the MBO of its UK and US businesses backed by Valco, the private equity arm of Hilco, the restructuring specialist.
Clearwater advised the management team of Denby on the transaction, which involved a significant amount of refinancing and restructuring advice in relation to the existing debts of the business. Denby had struggled to service its bank debt in tough retail conditions. Garry Biggs said: “With Denby’s financial position now secure, we are looking to make a number of quality strategic acquisitions in the sector. Given the gloom in the UK pottery industry which has been made worse by the failure to date of Waterford Wedgwood and Royal Worcester Spode to find a buyer to take them out of administration, we are delighted to have been able to secure funding for our MBO which we hope will help safeguard the future of Denby” The pottery firm, which is named after the village of Denby in Derbyshire, employs about 700 people at its offices, factory and shops in the UK. Of these, about 500 are employed at its head office, factory and visitor centre in Denby, where the company was established in 1809. It has 16 outlet shops, Denby Factory Shops, in the UK.