Wright Hassall advises furniture store MBO
Leamington Spa law firm Wright Hassall has advised on the management buyout (MBO) of an outdoor furniture company. Oceans International and Oxfordshire Garden Furniture was bought by Oceans Holdings, saving 36 jobs.
The company is based in Banbury. Wright Hassall acted on behalf of business restructuring expert Hilco Commercial throughout the MBO.
Sales of Ocean’s garden furniture grew from £1m to £8m over the past three years but the company struggled to cope with its rapid expansion, it was said.
Wright Hassall said the deal had allowed the company to “effectively manage its downsizing” and save the jobs of 36 staff in Banbury.
Robert Lee, head of corporate at Wright Hassall, advised on the deal which was completed in six days.
He said: “The fact that we are able to call upon a team of lawyers with a range of specialties really helped us to achieve this magnificent turnaround.
“It just goes to show that we are comfortable dealing with all different forms of corporate deal. It is particularly rewarding when you are able to play your part in a process that will ultimately lead to saving a number of jobs."
