Sale of bathstore provides successful exit for Endless

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03/07/2014

Corporate lawyer at Walker Morris, Debbie Jackson has advised on the sale of bathstore, the UK’s leading specialist bathroom retailer, as part of a management buy out led by its Chief Executive Gary Favell.

bathstore is a £115 million business with 172 stores across the UK.  This transaction provides an exit for Endless LLP, which acquired bathstore in May 2012. Since that time the business has grown its sales by 30% and improved EBITDA by £5 million. The terms of the MBO are undisclosed but this delivers a market leading 5.0x return for Endless.

Debbie Jackson, corporate partner who led the team at Walker Morris, commented:

“We originally advised Endless on their acquisition in 2012 and so it is particularly pleasing to see the growth and success that the Endless and bathstore teams have achieved. bathstore has an excellent brand reputation which will provide a solid platform for continued success and future growth.

“This is the second deal in just over a week that we have completed for Endless having recently advised on their exit of St Neots packaging.  For businesses like Endless, being able to act with speed and commercial focus is essential and it is testament to the Walker Morris ethos of client dedication and seamless team working that we are able to help to bring these deals to successful completion.”

James Woolley, a portfolio director at Endless LLP, said:

“bathstore is undoubtedly the UK’s leading expert bathroom retailer. Over the last two years we have supported the management team in delivering their vision of providing its customers with a full service solution, offering lower price point entry, price transparency, and enhancing its product range. The excellent exit we have achieved today is down to the hard work and dedication of the management team at bathstore and we wish them every success in the future.”

Endless LLP was advised by Rothschild and Walker Morris LLP.

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