Wed, 09 Apr 2014 | BUSINESS SALE
Fishing tackle maker and retailer Preston Innovations has been placed on the market, with offers invited exceeding £25 million.
Offers are being sought before the close of April from interested buyers for the Telford-based 30-year-old business behind several popular tackle brands.
While growth in Britain has been robust, a third of its sales come from continental Europe; the company has a presence in 30 countries, including through its Netherlands-based sister company Primo Distribution.
Since 2010 Preston Innovations’s turnover has risen by about 43 per cent to reach above £17 million. Founded in 1984 by David Preston, the business has a 75-strong workforce.
Birmingham-based Cattaneo has been tasked with seeking a sale and to advise Mr Preston and his team. Charles Cattaneo said they are expecting plenty of interest from buyers, wanting to take up some of the top angling brands in Europe.
He told Insider Media: “Market-leading consumer brands have continued to grow strongly through the recent economic downturn, and we expect those owned by Preston Innovations will command a premium price in the market.”
The sale was prompted by Mr Preston’s desire to take the business to the next stage of growth, having reached a place where the ‘foundation is strong”. He envisions that the buyer will have the “ideas and base to further expand both the business model and our international reach”.
Products sold by Preston Innovations include poles, seatboxes, rods and reels, hooks and line and clothing.
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