Dartington Crystal, the Devon-based crystal and glass brand, has been acquired by its management team, with finance provided by Barclays.
The business, founded in 1967, designs, manufactures and supplies specialist and bespoke crystal and glass products for the UK and export markets. Their facility in North Devon is also the only large scale producer of hand-made crystal in the UK. Customers include high street retailers, national department stores, the drinks trade and prestigious B2B contracts.
This transaction will ensure ownership remains in local hands and provide continuity for Dartington's customers, employees and suppliers. Neil Hughes will remain Managing Director, Richard Halliday as Commercial Director, Alan Ramsay as Finance Director and John Hammond, the current owner, will retain a minority shareholding.
"We are keen to build on the solid foundation that's been laid and are very excited about the future plans for the business, both in the UK and internationally. It is very much business as usual for Dartington and we will continue focusing on providing quality products for our customers." said Neil Hughes.
"We look forward to the next chapter of the company's development, with the right team in place to deliver the company's long term aspirations," added John Hammond
Isca Ventures acted as the lead corporate finance advisors on the transaction, with funding provided by Barclays Bank and legal support from Probert Legal. The vendor was advised by Philip Marsden and Foot Anstey.
"Dartington is a well-established and leading name in the industry and following this transaction the business is well placed to continue its recent growth and capitalise on opportunities in the wider marketplace," added Mark Champion, Partner, Isca Ventures LLP.
Neil Hughes, Managing Director, Dartington Crystal