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welcome furnitureWELSH cabinet furniture maker Welcome has completed a partial management buyout, with co-founder Russell Matthews selling his stake in the company.

 

The deal sees fellow co-founder John Peterson together with other members of the senior management team acquire Mr Matthew’s stake in the Gwynedd based business.


The transaction was supported by a £1.5 million loan from Finance Wales, with the funds coming out of the Wales Business Fund, which was launched in September 2016.


The Wales Business Fund is part-funded by the European Regional Development Fund through the Welsh Government.


Russell Matthews said: “I am passionate about what we have built at Welcome Furniture and it’s been an emotional and difficult decision for me after eight years.


“I want to thank John and all the staff at Welcome Furniture without whom nothing would be achieved and our customers and suppliers who share our passion for providing a great product and service. Although I am stepping down from the Board I will still be with the business remaining focussed on marketing and sales and continue to maintain key relationships with our customers.”


John Peterson said: “It’s been a privilege to work with Russell and I am proud of what we have achieved together. I wish Russell all the best and look forward to continue working together at Welcome Furniture where he is great friend to the business, myself and the other senior managers. From a day-to-day perspective there will be no changes for our employees, customers and suppliers — it’s business as usual.”

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