Fri, 16 Jun 2023 | BUSINESS SALE
Baaj Capital, which has been active over recent months targeting acquisitions of distressed UK businesses, has struck its latest deal after funding the acquisition of homeware designer and producer David Mason (Design) out of administration.
David Mason, which includes brands The English Tableware Company, Foxwood Home and David Mason Design, is based in Chesterfield and has been operating for more than 60 years. The company develops and designs a wide range of homeware, including dining and kitchenware, home accessories and home fragrances, which it provides to the wholesale market, as well as through its own bespoke ranges.
However, the company’s operations were significantly impacted by COVID-19 and the associated rise in inflation, while its cash flow was affected by increasing shipping costs and a need to briefly shut down operations.
As a result, the company was placed into administration, with Alex Cadwallader of Leonard Curtis and Stewart Bennett of S T Bennett & Co appointed as joint administrators, working alongside solicitors Crowell Moring.
The joint administrators subsequently secured a sale of the business to D Mason Limited, a company funded by private equity firm Baaj Capital. Alex Cadwallader commented that the sale maximised returns for creditors and transferred seven jobs to the new owner.
Baaj Capital owner and director Jas Singh commented that the deal “accelerates Baaj Capital’s plan to invest across a wide spectrum of business opportunities”, adding that the homeware market was “only one area of interest”.
The acquisition is the latest in a series of distressed deals funded by Baaj Capital across a diverse range of sectors. In March 2023, the firm acquired listed online fashion retailer In The Style – which had been valued at £105 million when it floated in 2021 – for just £1.2 million, with the company reportedly poised to enter administration prior to its takeover.
Earlier this month, meanwhile, Baaj Capital funded the acquisition of distressed British bike firm Planet X out of administration through its subsidiary Winlong Garments Limited.
Jas Singh added: “Baaj Capital has actively funded the acquisition of both distressed and solvent companies through many sectors over the recent past. David Mason Design incorporates both specialist product and innovative design with a reputation for quality and finish, and represents an exciting addition to the businesses trading with Baaj Support.”
Read about the importance of due diligence when acquiring businesses during an economic downturn.
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