East Hendred: Clearwater Hampers in MBO

The Cheltenham-based corporate finance team of leading firm of business advisers and accountants, Hazlewoods LLP, has advised an experienced management team on the MBO of Clearwater Hampers, based at East Hendred in Oxfordshire.

Clearwater, one of the UK’s leading internet and mail-order based food and wine gift businesses, was founded in 1979 on the principle of quality products, excellent service and attention to detail. These guiding principles still apply even though the business has seen a 100-fold increase in size. Each customer, from the buyer of one hamper, to the largest corporate customer ordering thousands, is afforded the same high level of service.

The management team has secured continued growth targeting the corporate gifts market and the development of global supplier links and themed hampers, “create your own” hamper online and corporate gifts.

The buyout team, CEO Ian Longworth and head of sales and marketing Peter Loverdos, supported by the longstanding management team will be building on a base of the reputation and continuous growth achieved by the founding vendors Peter & Rachael Austin.

The Hazlewoods team included Norman Webber, Simon Williams and John Lucas. Williams commented: “The management is very experienced in the sector and it is exciting to see further opportunities they have identified. We developed an excellent relationship on the transaction which ensured any problems which did arise were dealt with effectively. We also worked closely with the team’s finance providers, Jim Heppell, Chris Elias and Alan Walton of The Royal Bank of Scotland with Jeff Jenkins of Swindon based lawyers, Clark Holt. Hazlewoods’ advice on the transaction included structuring, funding, deal negotiation and legal review.”

Ian Longworth a former investment banker who has been involved with Clearwater for 15 years as CEO and FD commented: “This MBO of this successful business is a wonderful opportunity, made possible, during long negotiations, by a strong and pro-active team of bankers, corporate finance and legal advisers. In particular RBS as longstanding bankers to the business had an in depth knowledge that helped them provide the right funding solution. It will be good to have all these advisers on board to achieve the medium term strategic plans for further growth.”

Jim Heppell, RBS associate director Structured Debt Solutions in Oxford, commented: “Clearwater Hampers is a local success story and is built on sound fundamentals of a quality product, excellent customer service and a strong management team. I wish Ian, Peter and their team the very best for the future and look forward to working with them as they continue to grow the business.”