Springrealm was incorporated in 1975 by Peter Werth and his business partner David Summers. Initially the Company focused on men’s knitwear and later extended the range to cover men’s casual wear in general. The founders have established Peter Werth as a leading brand in smart casual wear for men aged 18 to 35 who want maximum style without maximum spend.
The three Electra Kingsway VCTs have committed £4.5m of equity capital and Clydesdale Bank has provided bank finance to support Greg Tufnell in acquiring Peter Werth and to accommodate his growth expansion plans.
Greg is an experienced CEO with experience of business turnarounds, brand development, acquisitions, and the organic growth of retail, wholesale and mail order channels. Greg’s career has seen him in senior positions within The Burton Group, Next plc, Mothercare, Boxfresh and Marchpole.
With Electra Quoted’s backing, the transaction enables the development of Peter Werth to evolve into a lifestyle brand covering wholesale, concession and retail sales. This strategy will be complimented by adding further brands that exploit the company’s existing design, sourcing, sales and distribution infrastructure. The objective is to build a group that exploits a wider retail base whilst exploiting the existing Peter Werth cost base.
Mike Kennedy from Electra Quoted will sit on the company’s board with David Eades joining as chairman.
Electra Quoted is a smaller companies investment specialist that looks to support proven management with highly developed growth strategies. With significant experience of the consumer sector, Electra Quoted is the ideal partner for consumer focussed companies looking for added value from their financial partner.
Electra Quoted specialises in providing £2 million to £6 million of equity finance for buyouts, buy-ins and development capital for UK companies in transactions with an enterprise value of up to £20 million.
For further information on this transaction, please contact: Mike Kennedy, Electra Quoted Management Ltd, Paternoster House, 65 St Paul’s Churchyard, London, EC4M 8AB Tel: 020 7306 3886 mkennedy@electraquoted.com
Issued by Electra Quoted Management Limited. www.electraquoted.com. Electra Quoted Management Ltd is authorised and regulated by the Financial Services Authority.
This note is for information only and is provided for Professional use only on a confidential basis. It is not an offer, invitation or recommendation to apply for shares in the VCT or the Company which is the subject of this note.
