Home Lancashire News Hardware business nails £6m investment for growth

Hardware business nails £6m investment for growth

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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.

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Andrew Mann
After 34 years working in numerous operational and communications disciplines for three FTSE companies (Yorkshire Electricity; Meggitt and BAE Systems), at over a dozen locations, on 24 November 2016, I became the inaugural editor of Business Lancashire. Business Lancashire is a good news, Lancashire focused, business website and daily newsletter. It is a partnership between The Samuel James Group and the North and Western Lancashire Chamber of Commerce. Over the years, I have written hundreds of press releases, features for trade magazines, copy for websites and brochures, edited in-house magazines and newsletters, as well as presenting a radio programme on Chorley FM. This experience has given me the ideal background for editing Business Lancashire.

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