Former Swimming Teachers Association CEO to make a splash with Swimtime acquisition

Swimtime UK Ltd, the Manchester-headquartered swimming lesson franchise, has been acquired by the former CEO of the Swimming Teachers Association.

Theo Millward has taken over the company for an undisclosed sum after acquiring 100% of Swimtime’s shares through private funding.

Operating across 26 franchise regions, Swimtime has an annual turnover of over £4m.

Theo, who has has six years’ management experience in the leisure sector, commented: “Swimtime is a very successful, established brand and company, which I’ve had the pleasure of being involved with for some time through my previous work.

“I’m really excited to come on board at a time when there is enormous scope to develop and expand the business.”

He added: “I’m eager to get to grips with the day-to-day running of the company and look forward to meeting all franchisees in the very near future, as well as building relationships with account managers and suppliers.”

Revealing his plans for the business, Theo said he intends to “invest significantly” in new operations over the next five years “and beyond” grow the Swimtime brand.

As part of the deal, the co-founders of Swimtime, Linda and Barry Price, will exit from the business’ day-to-day running but remain as consultants during the handover period. Linda will continue to serve the firm as a brand ambassador.

Commenting on the transaction, Barry said: “We’ve known Theo for over 10 years and feel he is the perfect fit for Swimtime.

“His understanding of the industry and enthusiasm for the learn to swim sector will be a great asset to franchisees and customers alike.”

Barry added: “We look forward to seeing the business grow, develop and flourish under his management.”

Over the last 20 years, Swimtime has grown from a startup to a UK-wide business comprising 19 franchises.

Linda said of the deal: “We are very proud of what we’ve achieved and it will of course be sad to not be a part of the daily running of the business.

“However, we’re confident that Theo is the best person to drive Swimtime forward and are pleased to hand over the reins to such an enthusiastic and competent business owner.”

She continued: “We would like to thank all our staff and franchisees for their hard work and determination over the years.

“We’re incredibly proud each and every one of them and look forward to seeing them grow further. We are also hugely grateful for the support of suppliers, pool owners and loyal customers.”

Hilton Law represented Swimtime, while law firm Ennes-Gilmore Liberson acted for Theo Millward. Asset management company Infinity LLP brokered the deal, with its managing partner, Daniel Finestein, providing corporate finance advice to Swimtime’s shareholders.

Daniel commented: “Infinity has been delighted to advise the shareholders on the sale of Swimtime UK.

“It is a successful operation with an excellent business model and I am sure it will continue to flourish under its new ownership.”

Earlier this year, Swimtime announced a new deal with Sports Direct that could lead to the creation of up to 100 new jobs.

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →