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BGF back Ultra Finishing Ltd

Press Releases - 12/01/2017

Ultra Finishing Ltd, a designer, manufacturer and distributor of bathroom products has received a multi-million pound investment from BGF (Business Growth Fund). The funding will be used to support the manufacture of new products (the first of which will be brought to market in Summer 2017), target new opportunities in Europe and the US and to make improvements to the service proposition, assisting organic growth. Customers are at the heart of future plans and can look forward to exciting new products and further developments to strengthen the customer service experience.

The investment has also created the start of an exciting new chapter for the business. For over 35 years Ultra Finishing Ltd has been part of the Ultra Finishing Group. Ultra Finishing Ltd begins the New Year standing on its own two feet and moves forward independently in 2017 outside the UF group. Following an introduction made by BGF, Alan White has been appointed as a Non-Executive Chairman. Alan has held non-executive roles at Topps Tiles, JD Sports, TM Lewin and was a former CEO of home shopping business, N Brown Group.

Founded in 1981, Ultra Finishing Ltd manufactures, sources and distributes a wide range of bathroom products to online and high-street retailers, builders’ and plumbers’ merchants and other trade partners. The company is home to the Hudson Reed, Downton Abbey, Old London, Ultra, and Premier brands.

Ultra Finishing is a member of the ‘Made in Britain’ scheme, producing bespoke bathroom furniture, shower trays and shower valves from its head office and manufacturing site in Halifax. The business, which is led by CEO Dave Cullen and Executive Director Tony Wood, generated £60m turnover in 2016 and employs more than 350 people.

BGF is the UK’s most active provider of growth capital to small and mid-sized businesses. The companies it backs are privately-owned or listed on AIM, and typically have revenues of between £5m and £100m. BGF makes initial investments of between £2m-£10m and can provide additional funding to support further growth. The investment provided is typically in the form of equity in return for a minority equity stake. BGF is an independent company with capital of up to £2.5 billion and is backed by five of the UK’s main banking groups - Barclays, HSBC, Lloyds, RBS and Standard Chartered.

Dave Cullen, CEO of Ultra Finishing said: “After a strong 2016, we are in a good position to accelerate our growth plans for Ultra Finishing, and expand our international presence. The business has built significant scale over the past 30 years, and I would like to thank Stephen Heys and the wider team for their efforts in helping the business to get where it is today. We are looking forward to the next stage of growth with BGF as our long term minority partner, and are pleased to be joining a number of growing businesses in Yorkshire that are backed by them.”

BGF’s Richard Taylor who will join the board of Ultra Finishing said: “Ultra Finishing is a great company, with the potential and opportunity to grow even further. Dave and his management team want to explore opportunities to expand into new markets and we are really pleased be providing the financial resources to support this.”

Steve Heys, Chairman of Ultra Finishing Group: “We worked very hard, played very hard, made life time friends and unforgettable memories. I personally will cherish the memories forever of time spent together with an incredible group of people that could make virtually anything happen. I cannot even attempt to convey the debt of gratitude I feel to everyone who has played a part and shared in this amazing journey. For me this feels more like a time to ponder deeply on the journey rather than to celebrate arriving at a destination. I want to wish everyone all the very best, for a successful, prosperous and healthy future with my heartfelt thanks.”

The investment was led for BGF by Richard Taylor, Barry Jackson and Rob Johnson.
Advisors to the transaction were:
For BGF: Pinsent Masons, DSW and Tax Advisory Partnership
For Ultra Finishing: Shulmans, CBF Capital

Ultra Finishing Ltd
Hamnett House
Gibbet Street

Tel 01422 417100