a2e buys Montgomery Tomlinson
Venture capital firm a2e Venture Catalysts has deepened its involvement in the interiors industry by buying the assets of failed curtain manufacturer Montgomery Tomlinson.
Montgomery Tomlinson went into administration on 20 August after failing to find an investor and its 530 employees across its 123 department store and retail concessions, and its factory and warehouse facility in Bretton, Flintshire were made redundant. a2e says it hopes to employ as many of the former staff as possible through its Montgomery Furnishings subsidiary.
'Since our appointment two weeks ago, we have been working tirelessly to ensure a sale of the business in order to minimise disruption to customers. We are particularly pleased that the sale opens up re-employment opportunities for a number of Montgomery Tomlinson's former staff. We wish Montgomery Furnishings all the very best for the future,' says Will Wright, joint administrator.
a2e paid £7m for wallpaper maufacturer, Omnova, which trades under the name Muraspec, in March 2012.
UPDATE: 'Montgomery has a great position within this niche sector, and is renowned for its unique customer service model and its traditionally biased British designs. The core of the existing management have been retained and offered equity as a measure to energise and empower them to embark on an expansion of the business with greater focus on high quality services to an enhanced customer base and to uniquely, provide a sought after and convenient service to our customer's customers,' says Amin Amiri, a2e founder.
'It is unfortunate that on many occasions, viable and at times iconic businesses end up being closed down with great negative impact on the economy and lives of people. I think insufficient focus is often placed by the relevant parties involved, on revitalising businesses and the Insolvency Laws in the UK don't help.'