Sintons handles sale of Pennine Home Improvements
The sale of a leading North East home improvement retailer, to create one of the North’s leading groups in its sector, has been handled by law firm Sintons.
Pennine, which employs around 150 staff, has been owned by parent company Crownfold since 2008.
The deal marks an exit from the firm for Graham Auld, the previous owner of the Newcastle business, which he co-founded.
Pennine Home Improvements will continue to operate as a separate retail business from its existing showrooms in Benton, Gosforth Park, Birtley and Ponteland.
Mark Tinnion, the former brand director at the business, will become managing director and work alongside his fellow management team.
The combined ownership of the two businesses will allow further development of the group’s products, processes and service features.
Conservatory Outlet manufactures windows, doors and conservatory products from its 60,000sq ft facility in Wakefield, supplying to a retail network of 24 installation companies that operate across the UK.
The firm is managed by Greg Kane CEO and Michael Giscombe, MD and funding to support the deal has been structured by Allied Irish Bank (GB).
The directors said the strategic acquisition is set to take the group’s turnover to £25m, a five-fold increase over the past seven years.
Mr Kane said: “We’re delighted to announce that Pennine Home Improvements and Conservatory Outlet have joined forces, bringing the manufacturing hub of our business closer to the customer than ever before.
“Pennine has been part of our network of retailers for just over three years, and has experienced an impressive 30% growth in that time, largely due to its highly committed management team and excellent internal processes.
“The deal can only be of benefit to our wider network of independent retailers, of whom we’re extremely proud and equally as committed to supporting as ever – if they grow, we grow.”
Mark Tinnion, managing director of Pennine Home Improvements, said: “We’re really excited about joining forces with Conservatory Outlet and the opportunities for growth that it presents. Our customers are at the heart of everything we do, and being closer to the manufacturing process can only enhance that.”
Newcastle-based Sintons, the long-standing legal advisors to Pennine, handled the sale, with Partner Matt Collen and Associate Emma Pern completing the transaction on behalf of their client. Graham Cornforth, from Haines Watts Corporate Finance, advised the sellers.
Matt Collen, Partner in Sintons’ Company and Commercial team, said: “Pennine is one of the best-known names in their sector in the North East and its acquisition by a similarly ambitious business, with whom it has an existing strong relationship, marks the start of a new chapter. We are very pleased to have acted for our long-standing client in this deal.”
Mark Billington and Matthew Fannon represented Allied Irish Bank (GB). International accountancy firm Mazars also acted on the deal, with Field Fisher LLP representing Conservatory Outlet and Addleshaw Goddard LLP acting for Allied Irish Bank (GB).