£1.5million Finance Wales loan supports partial management buyout for Welcome Furniture
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
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