Green Power Fuels Buyout By Managers
A North Devon wholesale and retail business selling stoves, cookers, flues, chimneys and spares throughout the South West has been bought by the management team.
Jerrett Collins Ltd, which owns the South West Woodburning Centre, Flue and Chimney Specialists and Solid Fuel Appliance Spares based in Winkleigh, has 25 staff.
The showroom boasts the largest display in the region of cookers, fires and stoves from, amongst many others, Aga, Esse, Stanley and Rayburn, Hunter, Villager and Stovax together with all the accompanying flues and chimneys required for the installation.
Alongside their retail business Jerrett Collins sells to many of the top builders merchant groups.
The MBO team consists of Gareth Down, Managing Director and Andrew Baker, Commercial Director who have worked in the company for 22 and 7 years respectively. They are joined by well-known local businessmen Robert Pocock (Finance Director) and Allan Vodden (Chairman).
Gareth Down said “We believe Jerrett Collins has great potential for growth selling to both consumers and the trade.
“Everyone is now looking at ways of reducing their carbon footprint. Our fires and stoves that use wood from sustainable supplies together with the installation of more efficient chimney systems can help consumers make a real contribution to producing green power.
“On the business to business side the government’s commitment to reducing carbon emissions from new houses by 20% means a real business opportunity with developers to sell them both appliances and fitments.
The Jerrett Collins business traces its history back to the 1970s when it was founded by Mr and Mrs Mitchell. In 1996 Graham Jerrett and Jason Collins acquired the business from the Mitchells and subsequently bought their flue, spares and builders merchant businesses.
In 2006 Graham Jerrett and his wife Janet bought out Jason and Karen Collins.
Helen Wallwork of South West law firm Foot Anstey who acted for the MBO team said “it is always a pleasure to advise an MBO team at this exciting time, we wish Gareth, Andrew and the rest of the team every success for the future.”
Robert Davey of Bishop Fleming, corporate advisors to the MBO team said “It is great to work with a team of motivated individuals helping them to achieve their goals. We are confident that the business will continue to go from strength to strength”.
Stephen Galvin Corporate Finance Director at Lloyds TSB said “we are delighted to provide a funding solution which allows the management team to acquire and continue to grow this strong local business. We look forward to continuing our relationship with this important customer”.
Sean Grinsted, partner at Francis Clark (due diligence), added: “The team at Jerrett Collins has an exciting future ahead, with innovative products that tick all the right boxes for greener living and working. We were delighted to have played a part in the MBO and we wish the team well.”
Other advisers on this transaction were Ashfords, solicitors and Francis Clark, accountants for Lloyds TSB Bank, and Slee Blackwell, solicitors and Perrins, accountants for the sellers. Fundraising and project management of the deal was handled by Robert Pocock of Fin Man Solutions.
Published 28/08/2007
