Accountants help secure bright future for blind manufacturer
A leading blind manufacturer is set to take on additional premises and expand its team after being taken over by a former worker, in a deal negotiated by award-winning accountants and business advisors Anderson Barrowcliff.
Polaris Blinds Ltd., which is based in East Cleveland, has been acquired by Wayne Davies after its previous owner announced plans to retire.
With drive and determination to expand, Wayne has ensured the future growth of the firm through the acquisition.
Polaris Blinds Ltd. manufactures made-to-measure blinds from scratch using British materials, with 80 per cent of its clients B2B retailers across the UK. The company also supplies and fits for the end user.
The deal was negotiated by James Dale, a partner at Stockton-based advisors Anderson Barrowcliff, who was introduced to Wayne through a business contact six months ago.
Discussing the acquisition, Wayne said: “I’ve worked for Polaris, and in the trade in general, for years as a fitter, so I’ve always been familiar with the team.
“The idea came about while I was having a drink with Polaris’ previous owner when he decided to retire. He suggested I buy the business rather than start from scratch, and here we are!”
James added: “While there were other parties interested in purchasing Polaris, they couldn’t guarantee that the business would remain in East Cleveland or that all of the current employees would keep their jobs.
“The previous owner was only willing sell to someone who he believed would do this, and Wayne was the perfect fit. If he didn’t buy the firm, it’s likely it would have ticked along without expanding or growing as he intends it to.
“Being from East Cleveland myself, I was really passionate about helping Wayne with this acquisition. It’s a well-established manufacturing business in the heart of the region and Wayne’s plan to expand is great news for the local area.
“We worked closely to negotiate the deal, arrange the structure, and prepare post-acquisition cash flow forecasts, before teaming up with Endeavour Partnership to complete.
“I held Wayne’s hand throughout the process to ensure everything went to plan, and it was great to see it all come together.”
Polaris Blinds Ltd. currently employs three full time and five part time members of staff, but Wayne hopes to expand the team over the next few months.
Wayne said: “The plan is to take on a second premises, grow the trade and retail side of the business, employ more people and become the number one name in the area for quality, made-to-measure blinds. I also want to build the business on a national level.
“Jobs will grow naturally as demand increases, but I can’t see why we couldn’t employ 25 people as fitters, delivery drivers and production operatives by this time next year.
“At the moment, the plan is to get my feet under the table and learn everything I need to before seeking out these opportunities for growth.”
James added: “From getting to know Wayne, he’s a very sensible, business-savvy individual who is passionate about East Cleveland and the people living there.
“As a local councillor and volunteer coast guard, he certainly has his hands full, but given his desire to succeed I have no doubts that Wayne will continue to grow and develop the already excellent brand of Polaris Blinds Ltd.”
This was posted in Bdaily's Members' News section by Harvey & Hugo .
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