YFM has sold its funds’ investments in Harvey Jones Kitchens in a secondary buyout backed by Allied Irish Bank (GB), achieving a return over two-time on the original investment in the process.
Funds advised and managed by YFM backed the buyout of the premium kitchen manufacturer and retailer from the original founder when the company comprised of 10 showrooms primarily based in the South and Home Counties. During the time YFM funds have been invested, the business has been transformed into a national brand thanks to significant investment in people, marketing, product development and the opening of 21 new showrooms across the UK, bringing the showroom estate to 31.
The management team has ambitious plans to expand still further with a refurbishment and showroom opening plan using the additional funding from Allied Irish Bank(GB).
John Curwen, CEO at Harvey Jones, says: “We have enjoyed working with YFM and appreciated their support as an investor both through the economic downturn and in supporting the showroom rollout programme to date. The new funding obtained from Allied Irish Bank (GB) will help us to continue expanding the reach of the Harvey Jones brand as the premium, UK handmade kitchen retailer.”
Paul Cannings, Director of YFM Equity Partners, says: “We are pleased to have supported the growth of a premium UK brand such as Harvey Jones and to have been a supportive partner through tough periods such as the credit crunch seen several years ago. We wish the team continued success as they move into the next phase of ownership, expansion and growth.”