THE purchase of an upmarket clothing brand by a team of North East entrepreneurs tested the skills of two regional dealmaking teams, who tied up the complicated package in six weeks just hours before deadline.
The new owners of John Partridge Clothing needed to secure the business before Christmas to allow them to hit retail buyers’ deadlines for the winter 2011 season.
Newcastle law firm Muckle and business advisers unw hit the deadline at 4.30pm on December 23.
Craig Swinhoe, corporate finance partner at Muckle who led a team of seven lawyers on the deal, said: “It was essential the investment and acquisition were complete before Christmas to enable Partridge to produce and deliver samples in time for the Autumn/Winter 2011 season.
If this deadline was missed then effectively Partridge would miss a whole season. As such, the whole process was condensed into six weeks and it was important to keep driving things to completion which took place at 4.30pm on December 23.
“We are delighted to have played such an important role in supporting an excellent management team to acquire a well-established brand.
“The team has ambitious plans to reinvigorate, revive and grow the brand and we wish them every success in what will surely be a fantastic business.”
Nick Oliver, the former managing director of Newcastle clothing firm Penny Plain, and former Barbour executives David Reay and Gary Newbold bought the brand from the Leicester-based Bollin Group.
John Partridge is famous as the originator of the duffle coat, and the new owners have been busy developing a new autumn and winter line since the end of last year. The trio has established a new headquarters for the firm in Broomley near Stocksfield in Northumberland and the products will continue to be manufactured on the Continent.
Unw corporate finance partner Neville Bearpark and manager Mark Simpson worked closely with a team from Muckle to secure the financial package and complete the deal.
Bearpark said: “This deal was an exciting development opportunity for the team to reinvent and re-launch a recognised brand.
“It is one of a growing number of successful bids we have made for Finance for Business North East funding.
“Working with the client, we reacted quickly to an evolving deal to ensure that they met the timeline for sourcing the product for the next season’s launch.
“We ensured that we found the right equity partners in FW Capital and Anne Holliday who provided the funds and we negotiated the deal terms to the satisfaction of all parties.”
Muckle advised the management team on setting up the company, negotiating the deal with The Bollin Group and acquiring the brand, as well as carrying out due diligence on intellectual property, commercial arrangements with retailers and sales agents and setting up new commercial and employment terms for the new company.
Nick Oliver said: “unw provided invaluable advice throughout the deal and were incredible in sourcing reputable investors who really believe in the business and the brand.”
“They provided us with financial help and advice to build on the plans that we had to bring Partridge back as a leading country inspired luxury fashion brand.”
