1.1 C
Lancashire
Thursday, January 9, 2025

Hardware business nails £6m investment for growth

Olympic Fixing Group – the Lancashire-based business which supplies hardware products to the merchant trade throughout the UK and Ireland – is all set for growth after a £6m combined investment from PHD Equity Partners and Secure Trust Bank.

Olympic Fixings supplies fixings, fasteners and DIY products to over 4,000 customers including electrical, building and plumbing wholesalers. The group offers a range of over 3,300 products, many under its own brand label. Founded in 1989 by Chartered Accountant  Cliff Yates, it now employs over 60 people in Altham, Lancashire and Bangor, Northern Ireland and has a turnover of just under £10m.

PHD Equity Partners will be working with management to grow the business both organically and through acquisitions. The funding will allow the company to enhance its e-commerce offering and further support and develop its client base in Europe. While Cliff Yates, who is Managing Director, and George Brookes, Finance Director, will stay with the company, it also plans a number of key appointments to add to the management team to facilitate their eventual retirement.

The investment was led by Andy Dodd and Craig Richardson of PHD Equity Partners, the private equity arm of advisory firm Dow Schofield Watts. Craig Richardson of PHD Equity Partners said: “Olympic Fixing Group is a long established and solid business which prides itself on quality of service and the breadth of its product range. While it has achieved steady growth since its inception, there remains plenty of scope for further development in its offer to existing customers and through expansion. With the fragmented nature of the DIY supplies market, there is also potential for acquisitions. This investment will allow Olympic to pursue these opportunities and move forward into the next phase of its development.”

James Dow, Managing Partner added: “Cliff and George are marvellous entrepreneurs and have done a fantastic job building a very special business. We are delighted they have chosen to work with us to help them fulfill their personal and corporate ambitions.”

Catriona Lang of Dow Schofield Watts Transaction Services carried out financial due diligence and Nick Woodward at Dow Schofield Watts Tax provided tax advice to PHD Equity Partners. Paul Rimmer, Rosie Spencer and Will Munday from the corporate team at DWF provided legal advice to PHD while the banking team at Bermans advised Secure Trust. Vista provided insurance due diligence and Sanderson Weatherall carried out stock and AR valuation.

spot_imgspot_img

Latest

New recycling regulations coming for Pendle businesses

New recycling regulations which mean Pendle businesses have to...

Age UK Lancashire announces new Day Club in Garstang

Age UK Lancashire is launching a new Day Club...

World’s First Full-Spectrum LED Fretboard Guitar, Lite Jam, Launches at NAMM 2025

The Lite Jam guitar and its innovative app are...

Grants available to help keep Pendle homes warm this winter

Grants are still available for some Pendle residents to...
spot_img

Subscribe to our newsletter

Business Lancashire will use the information you provide on this form to be in touch with you and to provide updates and marketing.

Don't miss

Age UK Lancashire announces new Day Club in Garstang

Age UK Lancashire is launching a new Day Club...

World’s First Full-Spectrum LED Fretboard Guitar, Lite Jam, Launches at NAMM 2025

The Lite Jam guitar and its innovative app are...

Views wanted for air quality consultation in Colne

Pendle Borough Council is carrying out an air quality...

Grants available to help keep Pendle homes warm this winter

Grants are still available for some Pendle residents to...

More News

Six arrested following East Lancashire derby

Police have thanked supporters who enjoyed the East Lancashire derby in a respectful way on Saturday. Blackburn Rovers were beaten 1-0 at home against Burnley...

Family pay loving tribute to dad who died in collision in Burnley

A family have paid an emotional and loving tribute to a man who was "loved and liked by everybody". Tommy Jenkins (35) from Newton-le-Willows, died...

Daughters pay tribute to “awesomest mum” following Nelson collision

The daughters of the woman who sadly died following a collision in Nelson have paid a heartbreaking tribute to "the most awesomest mum". Safia Karieem...