Hammonds, the UK’s quality fitted furniture manufacturer and retailer, has received an investment from HSBC UK (HSBC) and Frontier development Capital (FDC) to support a management buyout (MBO).
Founded in 1926 in Hinckley, Leicestershire, Hammonds supplies fitted bedroom, kitchen and home office furniture to both the home improvement and new build markets. With 89 showrooms across the UK, Hammonds manufactures over 250 orders per day from purpose-built facilities in Hinckley and distributes these nationally via 15 regional service centres. The family-run business has 837 members of staff and achieves an annual turnover of over £85m.
The MBO brings 100% share ownership to third-generation family members - Richard Hammonds, Group CEO and Mark Hammonds, Group Director.
This transaction provides a third generation of family ownership with the ability to protect its well-established Brand, Values and continued opportunities for growth, and has been brought about by the combined effort of Advisors and Funders to create an innovative funding package.
Investment fund - Growth Capital