Heritage Cashmere completes management buyout
Luxury knitwear supplier Heritage Cashmere has been acquired by its chief executive officer in a £5.5m management buyout backed by alternative finance provider Thincats.
CEO Andrew Skyes has acquired a majority share in the business from founder John Kaye, who will stay on as chairman and shareholder.
Based in Halifax, West Yorkshire, Heritage Cashmere supplies luxury scarves and knitwear to many leading retailers and high-end fashion brands worldwide.
Andrew Sykes commented: “I am grateful to John for his hard work in building up Heritage Cashmere to be the successful company that it is today and for creating the platform for the business to flourish in the future. I am proud and excited to be leading a talented team, who will work closely with our customers and suppliers to build on our success.”
Founded in 1997, the company has production in the Far East managed through Prodesse Limited, a Hong Kong-based firm.
Andy Haigh of BHP, who acted as lead adviser on the cross-border transaction alongside Juel Chowdhury, said: “We are really pleased to have structured and delivered the transaction for the client. There were a number of unique factors to the business, which meant it wasn’t a straight forward funding ask.
“Naturally we wish John, Andrew and all those involved in the business the best for the future.”
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