unw Fashion capital for clothing specialists
A team of outdoor clothing and retail specialists have joined forces to acquire the renowned country inspired fashion brand, John Partridge.
Retail entrepreneur Nick Oliver, ex-Barbour director of manufacturing and sourcing David Reay and ex-Barbour head of design Gary Newbold, brought in expert dealmakers unw to assist in raising the acquisition finance and development capital needed to reinvigorate the original product range.
The investment is part-financed from the Growth Plus Fund, managed by FW Capital, alongside an undisclosed personal investment from business angel Anne Holliday.
Commenting on the investment, 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.”
The John Partridge brand was acquired in time for the launch of a new autumn line in 2011.
Corporate finance partner Neville Bearpark and manager Mark Simpson worked closely with a team from Muckle LLP to secure the financial package and complete the deal.
Neville 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 time line 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.”
Mark Simpson further commented: “Nick, David and Gary have a combined strong reputation within the clothing retail industry in the North East and we are delighted to have been able to assist in their plans. The team have a clear vision of how they see the future of the business and this, along with their retail expertise, is what the investors bought into.”
FW Capital fund manager, Andrew Coles added: “Partridge’s new owners are a strong management team with an impressive reputation in the sector. They’re well placed to make the most of this very exciting opportunity. Combining their expertise with this substantial equity investment, I’m confident they’ll reinvigorate this highly regarded brand.”
Picture caption (L-R): Craig Swinhoe, David Reay, Mark Simpson (unw), Nick Oliver, Gary Newburn, Andrew Coles
Other 2011 news
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A modelling career at UNW
Michael Tagg joins UNW team to build financial modelling capability.
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Practices with NHS contracts highly prized in the sales market
NASDAL goodwill survey for quarter ended 31 October 2011 released
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Is the taxman causing you pain?
HMRC are currently pursuing a number of investigations where they have information suggesting that UK taxpayers have been less than forthcoming in declaring all of their income and capital gains on their tax returns.
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2011 Autumn Statement
The Government spending plans and macroeconomic issues received most publicity following the Chancellor’s Autumn Statement on 29 November 2011. However, the associated press releases also included a significant amount of detail on various tax issues
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The FSA’s Retail Distribution Review
Potential VAT consequences for IFAs?
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Intrastat Declarations – important changes!
Important changes to Intrastat Declarations expected from 1 April 2012
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HMRC to withdraw 3 Extra Statutory Concessions relating to caravan sites
On 13 December 2010, HM Revenue & Customs (HMRC) announced its intention to withdraw three Extra Statutory Concessions relating to caravan sites
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Filing late gets more expensive
New penalty rules for Income Tax Self Assessment returns filed late came into force from the beginning of November.
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Everyone needs a Loveday
UNW announce the appointment of Phil Loveday as Forensic Manager
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HMRC advice on use of labour providers
HMRC advise on the risk of tax fraud when using hired labour.
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HMRC’s Corporation Tax Online now updated to accept iXBRL returns
Corporation Tax Online now able to accept iXBRL returns for accounting periods ending after 31.3.2011
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Everyone's a winner with pension salary exchange schemes
New Government-approved pension salary exchange schemes can prove to be more profitable for businesses and for staff ahead of the auto-enrolment legislation to be enacted next October, advises accountancy firm UNW.
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Reminder of NICs Holiday
Following a low uptake of the scheme, HMRC have issued a reminder of the Regional Employer NICs Holiday.
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Update in relation to self employed dentists NHS pension scheme arrangements
Revised Guidance Notes have been issued, and a Statutory Instrument is to be put before Parliament on 7th November 2011.
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NECC recently judged UNW to be Employer of the Year
Having previously only used graduate training schemes, UNW LLP last year turned to apprenticeships to develop its future workforce and today is successfully employing and developing four young apprentices.
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The latest UNW Dental Business Unit Bulletin is available to download.
The Bulletin features the latest goodwill survey with some advice on improving practice goodwill, plus an update on Alan Suggett’s campaign on the NHS associate pension problem.
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Softening in goodwill values
The sale value of the average dental practice has fallen in the NASDAL goodwill survey for the quarter ending July 31st 2011.
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The NHS associate pension problem: JOIN THE CAMPAIGN
Imagine if you were told that an elderly person left a parcel containing several thousand pounds on the bus when he or she got off . . . .
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UNW Partner’s expertise acknowledged by The Guardian
New UNW partner, Julie Gilhespie, has been invited to be one of the expert panellists to answer questions from the public during a regular live discussion hosted by The Guardian newspaper.
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Accountants calculate double money for charities
Charitable accountants at unw are in training to embark on their most ambitious mission yet, to raise over £10,000 for North East children.
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Headhunted to become partner at unw
A top advisor involved in some of the UK’s most ambitious public sector transactions has been headhunted by unw.
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Dental practice goodwill on the up in last quarter
The average goodwill value of a dental practice has increased by roughly 10 per cent in the first few months of 2011 according to the recent NASDA goodwill survey for the quarter ending April 30th.
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Tharsus invests over £1m in re-engineering its future
THARSUS engineering and manufacturing has invested over £1m into a new 31,000 sq. ft. site in order to continue its rapid expansion plans.
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unw puts international rally expert on the right track
Double British Rally Champion driver Guy Wilks is getting into the driving seat of the North East’s largest outdoor karting circuit, Karting North East, after acquiring the business which runs it, Manor House Leisure Limited, for an undisclosed sum.
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Possible challenge to VAT treatment of agency workers
A recent VAT Tribunal decision has just been delivered which could have an impact on the change in VAT treatment applied by HMRC
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Budget Summary 2011
A summary of the key points from Chancellor George Osborne's Budget of 23 March 2011 is available for you to download here. (407Kb PDF)
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unw Provides expert advice for international acquisition
A specialist Newcastle engineering business has been bought by a large US manufacturing company looking to break into new markets thanks to expert advice from unw.
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Dental profits reduced or static in 09/10
The net profits of dentists in the financial year 09/10 were either reduced or static compared to the previous year according to the annual statistics released by the National Association of Specialist Dental Accountants (NASDA).
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unw Fashion capital for clothing specialists
A team of outdoor clothing and retail specialists have joined forces to acquire the renowned country inspired fashion brand, John Partridge.
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Tax should be made simpler
In an interview with Insider North East Business, Simon Richards, tax partner, says the government needs to consult better with local business leaders and simplify procedures
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Company car schemes
Beware - potential 61% NIC increases from April 2012
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unw moulds right advice for Omega Plastics
A plastics firm - which has quadrupled staff numbers since being rescued from administration four years ago - is poised to create more jobs as part of a £300,000 investment.
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Construction Industry Scheme
Following a number of high profile tax cases relating to excessive penalties charged on Contractors for the late filing of monthly returns, HMRC has now issued proposed changes to the Construction Industry Scheme penalty regime
