Newspaper article The Journal (Newcastle, England)

Clothing Designer Buys Up Retailer; DEALMAKERS

Newspaper article The Journal (Newcastle, England)

Clothing Designer Buys Up Retailer; DEALMAKERS

Article excerpt


DEALMAKERS at Newcastle accountancy firm Ryecroft Glenton Corporate Finance helped to secure a significant acquisition in the UK clothing market.

The firm's Carl Swansbury and Barry Gill advised Worcestershire clothing designer and manufacturer, Lowe Clothing International Limited, on its acquisition of North Yorkshire leisure clothing retailer, Ellis Rugby.

The deal was struck through Lowe Clothing's subsidiary, LCI Brands Limited, as part of an expansion on top of the firm's five existing UK sites and three overseas offices in Chittagong, Dhaka and Qingdao. Mr Swansbury and Mr Gill worked with the board of Lowe Clothing on a wider business plan through which the firm hopes to work closer with suppliers and trade partners in Bangladesh and China to ensure the quality and consistency of its garments. Lowe Clothing's acquisition trail started in April with specialist school wear wholesaler, Graham Winterbottom Limited. The firm is now said to be looking at other opportunities.

Lowe Clothing chairman, Jonathan Lowe, said: "Our business is experiencing substantial growth and we have decided that now is an opportune time to look at expansion because of the improving market.

"Ellis Rugby is a perfect fit for us. It is geographically close to our office in Otley and its founder, Kevin Ellis, is similar to us in aspiration, as well as sharing a passion for product. …

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