Lamport Bassitt solicitors Sean Kelly and Paula Harper acted for the seller in a £28m management buyout of Scala Collections (trading as ARTIGIANO), the direct retailer of Italian designed ladies clothes, shoes and accessories. Scala was founded in 1995 by Claire and Glyn Locke. It trades under two brand names – ARTIGIANO and SPIRITO di ARTIGIANO.
As part of the buyout of ARTIGIANO, Dagmar Krafft, currently general manager, will step up to become chief executive. She will be joined on the Board by Amanda Froshaug (buying director) and Chris Sheath (newly appointed Finance Director). The Board will be completed by Michael Metcalf (newly appointed chairman) and Claire Locke and Steven Silvester (non-executive directors).
Sean Kelly, senior partner at Lamport Bassitt, commented: "This was a particularly demanding transaction for our team as we were introduced to the transaction at a relatively late stage after difficulties had arisen. It was important for us to identify the key commercial elements of the transaction and put maximum focus on resolution, within the limited timescale. This was only possible because of the experience of the team in transactions of this nature.”
Claire Locke commented: “I am delighted with this outcome. Glyn and I are proud of what we have created and look forward to continuing to share in its success through our significant investment in the management buyout and my continuing role as a non-executive director.”
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