Thu, 07 Nov 2024 | MERGER
Halifax-based online florist Prestige Flowers has merged with Mansfield peer Flowerline powered by backing from alternative lender ThinCats.
Prestige Flowers was launched in 2013. Its existing partnership with Flowerline, a flower procurement, packing and distribution business, has helped it provide next day and letterbox delivery of fresh flowers as well as Christmas hampers and other gifts such as flowers with champagne or chocolates. It distributes over one million bouquets, some with personalised voice or video messages, nationwide every year.
It recorded a turnover of £41.3 million in the year to July 31 2024, just down on the £41.4 million the previous year despite general concerns over consumer confidence in the economy. It made a pre-tax profit of £1.6 million up from a loss of £1.3 million the year before.
It has been helped by demand for online flowers, people still willing to pay to celebrate events in their lives and by its 100/100 ethical score rating as consumers add sustainability to their purchasing decisions.
ThinCats, an alternative finance provider to mid-sized SMEs supported the merger with a significant capital injection. Park Place advised on the deal.
Simon Crowther, CEO of Prestige, said: “Prestige Flowers has always been driven by a passion for delivering outstanding quality and service to our customers, upholding the highest ethical standards. This merger with Flowerline is a natural step in our growth, strengthening our ability to source, pack, and distribute flowers and gifts with speed and care.”
Ben Peacock, partner at Park Place, added: “Prestige and Flowerline are hugely impressive businesses in their own right, and having worked more closely in recent years, a combination of the businesses became compelling for the shareholders.”
A multi-disciplinary team from Squire Patton Boggs including corporate partners David Milne and Paul Mann, corporate director Rebecca Holden and banking partner Tom Telford provided legal advice on the merger and fundraising.
Jon Robinson, of Parisi Tax, provided tax advice and Clarion provided legal advice to Thincats.
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