The Castle Square Corporate Finance team have advised on the disposal of Kidderminster based Wyvern Furniture, in a transaction which also involved the management team retaining a stake in the business alongside the new owners, Mission Capital.
Wyvern is a long established producer of sofas and chairs for the UK market and counts Blue Chip high street retailers and mail order retailers as the majority of its customer base
The company offers major customers a “one-stop” package incorporating Trend and Market knowledge, product design and development, short lead time production, delivery and logistics, service and after sales.
Employing around 160 people at its manufacturing site in the UK, its skilled design and production team create and prototype new product for major clients the factory producing up to 2,500 pieces of furniture per week.
Castle Square Corporate Finance was appointed to advise the shareholders on exit strategies and were then tasked with finding a buyer for the business via a sale and auction process. A total of six bids were received for the company, with Mission Capital chosen as preferred bidder.
Kevan Shaw said,
“Wyvern Furniture has experienced another strong trading year and this is testimony to the quality service which the company offers in its chosen market place. I am delighted to have advised on this transaction and I am pleased to see the existing management team being given the opportunity to take the company forward alongside Mission Capital as investors”
Legal advice was provided on all aspects of the transaction by Peter Ellis and his team at Beswicks solicitors