MHA Corporate Finance (‘MHA’) is pleased to announce its role as lead adviser to the shareholders of Vogue (UK) Limited and UK Bespoke Products Limited (together “Vogue”) in a sale to Kartell UK Limited (“Kartell”).
Vogue is a leading British designer and manufacturer of heated towel rails and radiators founded by Raymond Tunks and Robert Kelley in 1990 and based in the Midlands. It has since grown to over £14m turnover and 80 staff, all of whom share the founders’ passion for British craftsmanship and are dedicated to delivering striking products along-side an exceptional level of after-sales service. Vogue products are available in design-focused independent bathroom retailers throughout the UK, and the business has a recently established presence in North America.
Kartell is one of the UK’s fastest-growing suppliers of bathroom suite and radiator suppliers to the independent merchant and showroom sector. The acquisition will expand Kartell’s brand portfolio, open new channels to market, and present opportunities for both businesses to improve their supply chain.
The sale represents a pivotal point in Vogue’s evolution, and a significant personal milestone for the founders – Raymond and Robert appointed MHA as trusted adviser to lead negotiations of the terms of the transaction and manage the process through to completion.
Raymond Tunks and Robert Kelly commented jointly:
“We are immensely proud of Vogue, and moreover, the team who have helped over the last 30 years to build the business and brand - Vogue’s success can be attributed to a perpetual endeavour to provide best-in-class service alongside high-quality products. We have found in Kartell what we believe to be the ideal partner for our business and staff, and we are confident that the sale will enable continued growth - we look forward to working to support Alex and Kartell going forward.
We are also exceptionally grateful to MHA for their advice – we firmly believe that they were critical to achieving a successful outcome. They took the time to understand our business and personal objectives, and always sought to ensure we understood the detail of the negotiations and unfamiliar process at every stage – they were consummate in their advice, and professionalism throughout.”
Alex Norford, Founder of Kartell UK Limited noted:
“I am delighted to have concluded a transaction with Vogue. Ray and Rob have built a fantastic business with a strong brand and reputation – I am confident the acquisition will further enhance Kartell’s position at the forefront of the UK’s bathroom and radiator sector. We are now exceptionally excited about getting the opportunity to collaborate with the team at Vogue to address opportunities in the UK, and wider European and North American markets.”
Corporate Finance Partner, James Lawson remarked:
“Howard and I have immensely enjoyed working with Ray and Rob on this transaction. Vogue and Kartell are both highly regarded businesses in the bathroom and radiator market – in combination they are well-placed to capitalise on a multitude of strategic and growth opportunities. We wish Kartell every continued success, and moreover that Rob and Ray enjoy this exciting new chapter in their careers and personal lives.”
