July 1, 2014
The sale of bathstore Group Limited
bathstore, the UK’s leading specialist bathroom retailer, has been sold as part of a management buy out led by its Chief Executive Gary Favell.
bathstore is a £115 million business with 172 stores across the UK dedicated to providing bathrooms that suit any taste, style and budget. bathstore aims to exceed customer expectations by offering an exclusive, high quality product range, coupled with a full-service bathroom solution – from inspiration and design to installation and after care, giving it clear differentiation from its competitors.
This transaction provides an exit for Endless LLP, which acquired bathstore in May 2012. Since that time the business has grown its sales by 30% and improved EBITDA by £5 million. The terms of the MBO are undisclosed but this delivers a market leading 5.0x return for Endless.
James Woolley, a portfolio director at Endless LLP, said: “bathstore is undoubtedly the UK’s leading expert bathroom retailer. Over the last two years we have supported the management team in delivering their vision of providing its customers with a full service solution, offering lower price point entry, price transparency, and enhancing its product range. The excellent exit we have achieved today is down to the hard work and dedication of the management team at bathstore and we wish them every success in the future.”
Gary Favell commented “Endless’ support has been invaluable in helping us deliver the improvement in business performance. With their support we have re-established bathstore as the market leading brand in the sector. With our new partner we will continue bathstore’s growth into the future.”