Conservatory Outlet Group’s second acquisition of 2017 takes combined revenue to over £40m

Wakefield-based Conservatory Outlet Group has completed the acquisition of North West retailer Clearview Home Improvements.

This deal, which is the group’s second acquisition of 2017, is taking the combined revenue to over £40m.

Funding to support the deal has been structured by Allied Irish Bank (GB), with advice from accountancy and advisory firm Mazars and legal advice from Field Fisher.

The purchase of Clearview, combined with the recent acquisition of Pennine Home Improvements, gives Conservatory Outlet Group a sizeable inroad to consumer sales.

Group CEO Greg Kane said: “We’re absolutely delighted to welcome our long-standing Network partners Clearview to the CO Group.

“With an unbeatable reputation for local excellence in the North West, the team at Clearview will continue to augment their unique approach to home improvement, imparting their innovative solutions with our Network to stimulate wider growth we never thought possible a year ago.

“Allied Irish Bank (GB) have also continued to demonstrate their confidence in our business by providing funding once again to assist our future growth strategy.”

Clearview, with showrooms in Warrington, Preston and Nantwich, has seen its sales double to around £14m since joining the Network in 2009.

The new combined turnover represents a six-fold growth for the Conservatory Outlet Group in just seven years.

Exiting as shareholders of Clearview, Chris Mitchell (managing director) and Andrew Ross (installations director) will remain in their day-to-day roles beyond the deal together with sales director Gary Oakes, with a longer-term succession plan to follow.

Chris added: “We’re thrilled to be part of the Conservatory Outlet Group and the opportunities that it brings for our company.

“Greg and Michael were the obvious choice to purchase our business, we trust them implicitly and know that they’re as passionate about our company as we are - this move is very much about accelerating our growth.”

Conservatory Outlet Limited will remain a B2B company, with both Clearview and Pennine running as sister companies within the CO Group.

As with Pennine, Clearview will retain exclusivity of its trading area within the network so the deal does not conflict with any of the group’s 23 other retail partners around the UK.

Greg concludes: “Our existing Network of retail installers should be truly motivated by this latest move – the opportunities for Growth with CO are stronger and more real than ever before, with a unique culture emerging that sets aside our family as a cut above the rest.

“We’re continuing to actively seek new retailers in untapped areas of the UK - this is a really exciting time to become part of our Network.”

Mark Billington and Matthew Fannon represented Allied Irish Bank (GB) on the deal which is the second acquisition this year for Conservatory Outlet that has been supported by the bank.