Buckinghamshire-based law firm, B P Collins has advised the majority shareholders of Towelrads.com Ltd, Clive Norman and Alan Simpson, on a management buyout sale to MD Paul Hamilton’s Hamilton Heating Group Ltd.
Towelrads.com Ltd. is one of the UK’s leading suppliers of high quality bathroom radiators and heated towel rails, supplying to housebuilders, plumbing contractors and retailers. In 2014, the business generated over £7 million in sales of more than 100,000 units and 2015 sales were even stronger with 140,000 units being sold.
Clive Norman, director of Towelrads, and one of its two main shareholders prior to the MBO, commented: “Paul has been a dedicated and determined managing director to Towelrads for years, helping to build up the company to its current level where sales are strong and demand is growing. We have no doubt that he will continue to build on this success in his new company and are delighted to be handing over the reins to him.
“Alan and I are really grateful to the team at B P Collins who went above-and-beyond to ensure the process ran smoothly and that all went as planned.”
The B P Collins’ Corporate and commercial team advised on the sale, led by Partner Alex Zachary, who commented: “Towelrads has been a loyal client of B P Collins for many years, so we were excited to be involved in this important deal.
“Towelrads is a fantastic success story, having greatly grown year-on-year sales at a time when many of its competitors have been unable to weather the storm. We look forward to continuing to support Towelrads and to working with Clive and Alan on their other ventures.”