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sofaBrandsThe group behind sofa firms G Plan Upholstery, Parker Knoll and Duresta has been sold to its management and an investment firm headed by the former CEO of Bank of Scotland.


Promethean Investments — founded by Sir Peter Burt — led an investor group in providing debt and equity funding for the transaction, which sees the ownership of Sofa Brands International transfer from its previous institutional shareholders.


Terms of the deal — including its value, how much was financed though debt, and the shareholder breakdown moving forward — were not disclosed.


Sofa Brands International emerged following the breakup of the old Christie-Tyler group in 2005, and was formed to acquire the brands of G Plan, Parker Knoll, Derwent and Duresta.


Its shareholders until Friday’s deal spanned financial institutions such as Merrill Lynch and Barclays through to the board of the Pension Protection Fund.


Today, SBI employs 75o people in the UK at its factories in Wiltshire and the East Midlands together with another 300 in Eastern Europe. It made nearly £5m before tax on sales north of £71m in 2012–13. Sales in 2013–14 reached £75.3m.


CEO Scott Malvenan said: “This creates an exciting new chapter in the development of the business and gives SBI a great platform to continue to craft the high quality products that our celebrated brands are known for.”


Sir Peter Burt founded Promethean Investments back in 2005 and runs it together with his son Michael Burt. Both also sit on the board of the £400m turnover Cambria car group in Swindon.


Michael Burt is also founding director at 1869 Ltd, a new company incorporated just before Christmas with a single shareholder called 1898 Ltd, registered to the Jersey office of international law firm Appleby.


Parker Knoll was founded in 1869 while G-Plan was set up in 1898.



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