Walker Morris Acts on Christy Sale

July 2006

Lawyers at Walker Morris represented the owners of Christy Towels in its sale to Indian based manufacturer – Welspun Group for an enterprise value of £15.6 million today.

The Hyde based towel manufacturer is a major supplier to not only leading department stores across the UK but also to department stores internationally including Bloomingdales in the USA. With over 150 years of heritage the Christy label has become a household name and even supplies Wimbledon with all its towels.

The Walker Morris team first acted for Christy when the current Managing Director Joel Rosenblatt led the £15million management buy out from Courtaulds Textiles plc. back in 2000. Since then the team have acted for the management on the subsequent buy out of LDC in 2004.

John Hamer Corporate Partner leading the team at Walker Morris commented: "Christy's has been a real success story. Now the company is moving to the next stage and we are delighted for Joel Rosenblatt and the team."

"The deal highlights the increasing ability of advisers to act on a national and international basis. This is the fourth acquisition we have acted on recently involving an international purchaser."

In addition to John Hamer, Simon Hardcastle - Corporate Associate and Andrew Beattie from the firm's property department, also acted on the deal. Altium Capital in Manchester advised management on the sale.