International holding company W&R Barnett has acquired a majority shareholding in Symphony Group, with a view to strengthen the kitchen company’s position in the market.
Following the acquisition deal – which was completed for an undisclosed sum – the current owners of Symphony, Gregory and his family, will reportedly retain a significant share in the company and be represented at the board level.
In addition, recently appointed Symphony managing director, Paul Whitehouse, will continue to lead the company’s executive team.
First founded in 1896, W&R Barnett describes itself as a “holding company of a diversified group of international commodity trading, storage, agribusiness and industrial companies”. Though it started out as a humble grain merchant in the 19th century, it is now thought to be Northern Ireland’s largest family-owned business.
Symphony Group was founded back in 1971, and is well-known as one of the UK’s largest KBB furniture manufacturers. It owns the Laura Ashley Fitted Furniture, Gallery, Linear, Koncept and Urbano brands, and says it employs more than 1800 people across its four Yorkshire and Nottinghamshire sites.
W&R Barnett CEO William Barnett said: ‘‘We are very excited to invest in the Symphony Group and look forward to working with the management team to continue its success and growth.’’
Paul Whitehouse, Symphony Group managing director, also added: ‘‘W&R Barnett’s investment will place the Symphony Group in a strong position for long term success and strengthen our position as market leader.
“This deal will deliver security to all our stakeholders – employees, customers and suppliers. We share with W&R Barnett many core values including a commitment to employee welfare, excellent customer service, innovation and an appetite for growth.’’