‘Strong interest’ expected in £25m tackle firm sale
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The broker behind the sale of one of Europe’s leading fishing tackle manufacturers says it anticipates strong interest from buyers in the UK and beyond.
Cattaneo LLP has been appointed to handle the sale of UK-based Preston Innovations and its associated brands following the decision of owner David Preston to dispose of the company he started in 1984. The businesses are expected to fetch in excess of £25million.
Charles Cattaneo, who is leading the sales team, said: “Market leading consumer brands have continued to grow strongly through the recent economic downturn and we expect those owned by Preston Innovations will command a premium price in the market.
“Preston is renowned for its quality and expertise so we are anticipating strong interest from a number of buyers, both in the UK and further afield, looking to acquire some of Europe’s leading angling brands.”
Offers are being sought from interested parties before the end of April.
The sale includes Preston’s Korum, Avid Carp and Sonubait brands as well as its Netherlands-based Primo Distribution, which handles the company’s sales across Europe.
Preston said that, after 30 years, the business has reached a stage where it will benefit from new ownership to secure the future of the brands and take them to the next level.
Preston Innovations Managing Director Sarah Pheonix told Angling International that the sale represents a good opportunity for a potential buyer interested in expanding the business both in the UK and Europe.
“The business has grown 43% in the last four years and is still rapidly expanding,” said Pheonix. “European sales are doing extremely well and now represent 25% of turnover. Preston Innovations can be three or four times the size that it is currently in Europe.
“It is phenomenal when you think that we have had four years of hard recession and yet all four brands are growing and exceeding expectations. We are taking more and more market share every year and there is still so much more potential.”
Preston Innovations employs 27 staff and is based in Telford, Shropshire.