Paul Tanner: The future is extremely exciting
New River finances Waterfront MBO
Published: 02 March, 2012
REDDITCH: The directors and management of New River Holdings, the company behind the long established bathroom distributer Robert Lee, have announced that they have recently helped finance a management buyout of the bathroom brand Waterfront Bathrooms, thus ensuring that this respected brand name remains alive and well within the industry.
Furthermore, the company’s collaboration with Waterfront directors Tim Smith and Paul Tanner which helped enable the buyout ensures stability and continuity for the business going forward.
New River Holdings became aware of a situation back in August when Commercial Finishes Ltd, owners of the Waterfront brand, went into administration after its troubled holding company Worcester Metal Holdings were unable to sell Waterfront to a suitable buyer. This was the status-quo when Smith and Tanner forged a partnership with New River Holdings to purchase some of the assets from Commercial Finishes, namely the Waterfront name, web site, some stock and the licenses of Kelly Hoppen and Mark Humphrey.
The business has subsequently moved to new premises but to provide a level of consistency for its clients through this turbulent period, the business has retained its telephone numbers, e mail addresses and staff of course. There is a complete new focus and an internal restructure to ensure that the new business remains on a financially sound footing. Critically the Waterfront brand is now free from the burden of costly business ventures and decisions made by the previous owners Commercial Finishes.
Speaking on behalf of Waterfront, sales and marketing director, Paul Tanner says “Although it’s been a difficult period for everyone, now that we’re through it, the future is extremely exciting. We know that we have a great business in Waterfront and we can’t wait to see it develop in the years ahead. Celebrated designers Kelly Hoppen and Mark Humphrey have both indicated that they are excited about our restructured business and have said that they are looking forward to developing new ranges with us in 2012 and beyond.”
He continued “The early signs are extremely encouraging. Order levels are defying the current economic climate and we’re already surpassing our own expectations. I would like to take this opportunity to thank our many clients and suppliers who have persevered with the situation and demonstrated their faith and loyalty in the brand by supporting us throughout”.