Mon, 30 Jun 2014 | BUSINESS SALE
Electronics retailer Maplin has been sold by Montague Private Equity to Rutland Partners for £85 million.
Rutland Partners, which owns Pizza Hut UK and Bernard Matthews, is a turnaround specialist. The company says it saw “unlocked potential” in Maplin which, after some difficult years of trading, has started to see business improve over the past two years.
Maplin was bought by Montagu in 2004 and is the UK’s biggest specialist consumer electronics retailer. The South Yorkshire-based company, which was founded in 1972, operates out of more than 200 stores and its revenues stand at around £210 million, up from £100 million when it was bought a decade ago.
Law firm Eversheds has advised Maplin and its management team in relation to its sale. PWC acted as adviser to Montagu during the acquisition.
Nick Morrill, managing director of Rutland, said: “We are delighted to be able to invest in Maplin and recognise the great progress made by management so far in the recovery of the business, but more importantly the potential still to be unlocked.”
Maplin chief executive John Cleland added: “Working with the Montagu team over the last few years has been a very positive experience. They have been highly supportive of management’s plans to reposition Maplin for the future, which has enabled us to deliver on our growth plans.
“The recent investment we have made in our shops, our new web platform, our exciting new product range and our people is really starting to pay off as we have enjoyed very strong like-for-like performance coming through in the first six months of 2014.”
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