TBG Furniture, a leading, UK-based manufacturer of upholstered furniture and soft furnishings comprising the Westbridge Furniture, Tetrad, Belfield Leisure and Clinchplain businesses, has received investment from Blandford Capital, which has acquired the Belfield Group business from NorthEdge Capital and provided funds to accelerate growth.
TBG supplies the UK and export retail, leisure and furniture trade sectors from its sites in North Wales, Lancashire, Derbyshire and Romania, and employs nearly 1000 people, generating revenues of around £85m per year.
CEO Tom Prestwich and the rest of the management team will continue to lead the business under the new ownership.
Neville Kahn, a founding partner of Blandford Capital, says: “We are thrilled to partner with TBG. TBG has an unmatched reputation in the UK for providing high-quality upholstered and soft furnishings. We look forward to working with Tom and the talented TBG team to maximise the many opportunities in the UK and export upholstery markets.”
Keven Parker, managing partner at NorthEdge, adds: “We have enjoyed a long partnership with the Belfield Group, and we look forward to seeing the business and its team continue to grow alongside its new partner, Blandford.”
Tom Prestwich states: “We are delighted to be working with the Blandford team during this exciting next phase of growth. We will continue to provide an incredible service with passion and enthusiasm, delivered by a highly skilled team. Together we look forward to designing, building and selling beautiful products to our strong client base and achieve success into the future.”
The acquisition sees TBG Furniture acquire the Belfield Group business, retaining 100% of its team.
It is also understood that the restructuring administration process behind the handover, led by PwC, is set to leave many creditors significantly out of pocket.
