Wed, 15 Sep 2010 | MBO/MBI
Outdoor clothing retailer Snow+Rock Sports has been bought in a management buyout deal, backed by JGV Capital.
The deal sees its owner Andrew Brownsword pocket a windfall - the amount of which was undisclosed - while retaining a small stake in the business. He purchased the business in 2004 and since then the number of outlets has tripled to 35.
The MBO was led by managing director Dion Taylor, who is to hold a stake of between 10 and 20 per cent. He commented, “Andrew Brownsword and Jeremy Hancock helped us to grow the group to its current marketleading position, but now it is time for the management to become stakeholders in the business and to continue to drive it forward.”
Plans for the group, which also owns the Cycle Surgery and Runners Need brands, will see five to six stores opening every year, with a focus on growing the Cycle Surgery business.
Snow+Rock sells ski, snowboarding, climbing and camping equipment in its shops. It saw its revenues rise by 10 per cent to £65 million last year.
The owner of Bath Rugby Club, Mr Brownsword famously sold the Forever Friends greeting cards business for £165 million in the 1990s.
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