Office interiors specialist Southerns Group has confirmed the acquisition of manfacturer Broadstock Office Furniture Ltd in a move that expands its current business that will generate revenues of over £40m.
The recent acquisition, with details remaining undisclosed, strengthens Southerns’ position in the market, giving comprehensive national coverage, and adds to its progress made in 2015.
In March last year Southerns Ltd acquired its namesake based in Bolton, and Ralph Capper Interiors Ltd, based in Manchester, to create a group that saw revenues grow to over £18m in the year to June 2016.
This followed an equity investment in the Group by Knaresborough Investments, the private equity vehicle established by Steve Parkin, founder of the Clipper Group.
Southerns’ chief executive, Andy Kendall-Jones will continue to head the combined business. Nick Munsch, who together with other family members were the majority shareholders of Broadstock, will continue within the business.
Andy Kendall-Jones commented on the deal: “We are delighted to welcome Broadstock to the Southerns Group. Its people and infrastructure will add significant capability to the wider group, and we look forward to working with Nick and his team to continue to take the business forward.”
Nick added: “We are delighted to become part of an enlarged group and are looking forward to embracing the benefits that will be available to us all, the combined knowledge experience and skills will benefit everyone involved.”