Premium kitchen retailer chain Harvey Jones has been rescued in a last-minute pre-pack deal.
The company has been acquired by a fund managed by RBC BlueBay Asset Management. Chris Pole and Ryan Grant from the financial advisory firm Interpath were appointed joint administrators on Friday (February 23) and immediately concluded a sale of the business and its assets to the fund.
All of the circa 140 employees have moved to the new owners and the company has confirmed that there will be a “seamless transition” for customers including for those that have already paid deposits prior to the transaction.
In a statement, the company said that new investment will “accelerate the strategic transformation” of the brand, which includes product development, plans for digital growth and expanding further into other areas of the home.
Brand awareness will be further strengthened with our ongoing support and collaboration with our new strategic brand partners across both consumer and trade.
The brand, which has nearly 30 showrooms in affluent towns across the UK, said last week it was having “advanced and encouraging conversations” with potential investors after industry rumours spread about its search for a rescue deal.
It had filed a notice of intent to appoint administrators to, the company said, “protect the business while these discussions remain ongoing, to allow us time to reach a successful conclusion.”
Following the sale Vince Gunn, Harvey Jones CEO, said “We are delighted to be working with our new owners and investors who will provide us with the support and expertise to accelerate our business transformation and realise the profound potential that underpins the much loved Harvey Jones brand.”
Vince Gunn (pictured) was named as the new CEO of Harvey Jones a year ago, he replaced Darren Woolsgrove who had only led the company through a management buyout in May 2022 . That sale was backed by Coniston Capital.
Chris Pole, managing director of Interpath Advisory and joint administrator, said: “With a proud heritage stretching back over 45 years, Harvey Jones has forged a strong reputation for the quality of its designs and craftsmanship. We are pleased to have been able to secure this transaction which will provide the business with a stable financial platform upon which it can move forward. We wish the management team and the new owners all the best for the future.”