The Tom Howley kitchen company has been taken over by Neville Johnson, a fitted furniture company based in Manchester.
Tom Howley, which recorded a turnover of £3 million in 2010, trades out of three showrooms in Alderley Edge, Altrincham and Esher in Surrey. It has a modern manufacturing facility in Glossop and currently has 32 employees, including its three directors.
Neville Johnson is well established as a designer, manufacturer and installer of high quality bespoke fitted furniture. The company is best known for studies and bedrooms but also makes lounges, home cinemas and has recently added staircases to its range of offerings. Tom Howley operates in a similar luxury, made-to-measure furniture market as Neville Johnson and the acquisition will present clear benefits and opportunities to both businesses.
In 2008, independent private equity house, Key Capital Partners (KCP), invested £4.25 million for a majority stake in Neville Johnson in a £12.5 million secondary management buyout. Employing over 130 people from its base at Trafford Park, Manchester, Neville Johnson is expecting to achieve sales of £25 million in 2011, representing a 50 per cent increase in sales since 2009.
Peter Armitage, partner at KCP and non-executive director at Neville Johnson, said: "Neville Johnson's success has been driven by a reputation for quality coupled with a high level of customer service and satisfaction. Tom Howley is very highly regarded in its market and will provide the perfect platform for Neville Johnson to develop a major national kitchen business by working with the existing management team."
Nigel Pailing, CEO of Neville Johnson, said: "Tom Howley is a great brand with an exclusive product offering that will add real value to the tailored services that we already provide to our customers. While still trading under its existing brand name, we plan to expand Tom Howley and launch more showrooms throughout the country."
Neville Johnson are planning an official opening of the Alderley Edge store so we will keep you informed when the date is confirmed.
