Former marketing director takes charge at Lancashire-based wallcoverings business following mbo
Four directors from Arthouse have completed a management buy-out (mbo) for an undisclosed sum.
The wallcoverings, art, tiles and coving company will now be headed up by Anita Kenyon, previously marketing director.
Finance director Gillian Todd, design director Robin Bankcroft, and sales director Drew Whitelaw are also part of the mbo team.
A division of Nordic investment bank, Glitnir Total Capital, financed the deal while corporate financiers and lawyers from Deloitte, BTG McInnes and two other companies based in the North East acted on behalf of both the purchasers and sellers of Arthouse.
Nathalie Eastham, executive director of Glitnir joins as a non-executive director.
Former shareholders who started up Arthouse in 2000 – Tim Wilman and Malcolm Vaughan – have retired.
The Lancashire-based designer, manufacturer and distributor of wallcoverings has an estimated turnover of £16m, a gross profit (for the year ending December 2006) of £5.1m, and 35 employees.
It is now expected that Arthouse will broaden its product range since its introduction of new lines to diversify into related markets.