Insider Media Limited

Who?

Department store operator The Leekes Group

Did what?

Bought Cole’s Home Furnishings, a family-owned furniture retail business with three stores in the West Midlands

What does this mean?

The Leekes Group has bought Cole's Home Furnishings, a family-owned furniture retail business with three stores in the West Midlands. The multimillion pound deal sees Leekes take ownership of Cole's stores in Bilston (near Wolverhampton), Bedworth (near Coventry) and Fenton in Stoke-on-Trent, along with the company's delivery fleet, existing stock and order book. Leekes agreed a funding package with Barclays Bank in 2008 and Barclays has provided an additional facility to finance the acquisition of Coles, Leekes said.

Who advised?

Barclays provided finance for the deal. Leekes' legal adviser on this acquisition was MLM Cartwright, based in Cardiff, led by Jon Fernandez Lewis.

Insider comment:

The move means Leekes will move into unchartered UK territory. Emma Leeke, commercial director of Leekes, said "We are thrilled to be able to announce that Leekes is  expanding. Cole's Home Furnishings is a brand that shares many common values  with Leekes and is a fantastic fit with our business portfolio. Our intention is  to build upon Cole's reputation as a retailer of quality furniture by adding  kitchen, bathroom, conservatory and glazing departments as well as introducing a wide range of home accessories. We will develop each of the three sites to  create a department store format and broaden the appeal of what is already a well-respected local retailer."