Welcome Furniture has completed a partial management buyout following a £1.5million loan from Finance Wales.
Co-founder John Peterson and Welcome Furniture’s senior management team have bought out fellow founding director Russell Matthew’s stake in the company.
The Gwynedd-based firm currently employs 150 staff.
The loan came from the Wales Business Fund, which was launched in September 2016. The Wales Business Fund is part-funded by the European Regional Development Fund through the Welsh Government.
Senior Investment Executive Rhodri Evans, who structured the deal, said:
“The new team leading Welcome Furniture has extensive experience of the business. The deal also allows out-going founding director Russell Matthews to pursue new projects.
“We’re seeing an increasing number of companies looking to existing management teams as part of their succession plans and we’re able to work flexibly to tailor these kinds of deal to the meet the company’s needs.”
Out-going Director, Russell Mathews said:
“I am passionate about what we have built at Welcome Furniture and it’s been an emotional and difficult decision for me after eight years.
“I want to thank John and all the staff at Welcome Furniture without whom nothing would be achieved and our customers and suppliers who share our passion for providing a great product and service. Although I am stepping down from the Board I will still be with the business remaining focussed on Marking and Sales and continue to maintain key relationships with our customers.”
Welcome Furniture Managing Director John Peterson added:
“It’s been a privilege to work with Russell and I am proud of what we have achieved together. I wish Russell all the best and look forward to continue working together at Welcome Furniture where he is great friend to the business, myself and the other senior managers. From a day to day perspective there will be no changes for our employees, customers and suppliers – it’s business as usual.”