NVM Private Equity has backed the multi-million pound management buyout of Britain’s largest independent furniture manufacturer, founded over 100 years ago.
The Newcastle-based fund has invested £7m in Buoyant Holdings, and the management team will continue to work with their existing customer base to supply innovative new products. There is also the potential to increase export revenues significantly and grow the business through acquisition.
Based in Nelson, Lancashire, Buoyant was formed in 1909 has a 630-strong workforce, manufacturing over 95% of its products from sourced raw materials.
With the growing trend towards home improvement, home-owners are now updating their furniture more regularly and Buoyant’s sector of the UK furniture market is currently valued at £4bn, and over the last three years the company has seen a 70% increase in product sales. NVM’s Northern Investment Directors, Andy Leach and Mauro Biagioni worked on the transaction. Leach said: “The business has developed a strong reputation in its market place and has successfully evolved to meet consumer trends, resulting in a substantial increase in sales.
“We are delighted to be backing a century-old British manufacturing business with a strong track record and an ambitious management team.”