20 DEALMAKERS
NEW GROWTH FOR FAMILY TIMBER FIRM
A family-owned timber merchant named as one of Lancashire’s best-performing SMEs has been acquired by a business from across the Pennines in a £10m deal.
Savoy Timber, which can trace its history back more than 70 years, generates more than £15m in annual sales through its superstores in Preston, Blackpool and Wigan as well as its online store.
With customers across the UK, the business supplies a wide range of timber products, including doors, decking and worktops. It employs 82 people.
The DSW team
A NEW CHAPTER FOR TAX SPECIALISTS
A Lancashire tax practice that specialises in advising high-net worth individuals has been acquired by the tax arm of financial advisory firm Dow Schofield Watts.
Burscough-based STS Europe is one of the leading firms of its type in the north of England.
It advises clients, including UK-resident non- domiciles, on matters including inheritance tax, trusts and offshore structures.
The practice also assists offshore banks and trust companies throughout Europe with UK tax issues. The deal enables the retirement of owner Andy Sharp.
STS Europe will now become part of DSW Tax Advisory, Dow Schofield Watts’ tax practice. No figure has been put on the deal.
The practice will remain in its Burscough office and will operate as DSW STS in the immediate future. Andrew Robinson, a director in STS, will become a partner in DSW Tax Advisory.
Dow Schofield Watts offers an alternative to traditional accountancy and tax firms by enabling professionals to run their own business under its brand.
DSW Capital plc, the company which owns the Dow Schofield Watts brand, provided funding support for the transaction.
Dave Waddington of DSW Tax Advisory said: “STS has built a strong reputation for its work with high-net worth clients and offshore trusts.
“The acquisition will bring additional expertise to DSW Tax Advisory and enable us to expand the range of services we offer. We are delighted to welcome Andrew on board.”
The deal brings the total number of professionals in the Dow Schofield Watts network to 105.
James Dow, chief executive of DSW Capital, said: “Tax advisory is a target area of expansion for us and the addition of STS will complement the existing services within the network, including corporate finance and wealth advisory.
“This is the first time we have supported a licensee to expand through acquisition and it demonstrates the advantages of becoming part of the Dow Schofield Watts Network.”
Savoy ranked 91st in this year’s Lancashire Business View Hot 100. Now the business has been acquired by Savoy Timber Holdings, a new company set up by Chris Powell of Estate Sawmills, a fast-growing Bradford-based timber merchant.
Estate Sawmills is also a family-run business and supplies timber, fencing, decking, agricultural products and gates to trade and DIY customers nationwide.
The deal follows the retirement of George Cornwell, managing director of Savoy Holdings. The business will continue to trade as Savoy Timber.
Chris Powell said: “After acquiring Estate Sawmills in 2020, we have seen rapid expansion and the acquisition of Savoy will enable us to continue our growth journey in this dynamic sector.
“Savoy is a long-established and well-known business that not only broadens our presence across the north, but its strong e-commerce platform also increases our market share throughout the UK as well as expanding our product offering.
“While Estate Sawmills has focused on external timber products, Savoy offers an extensive range covering all timber products, both inside and outside the house. This expanded product line will now also be available via Estate Sawmills.
“We have an ambitious vision and this latest acquisition marks another important milestone as we seek to press on with our expansion, having capitalised on the garden improvement boom post-Covid.
“We are now actively looking for a complementary timber business in the south to strengthen our national coverage.”
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forbessolicitors.co.uk 0333 207 1130 Offices in Lancashire, Manchester and Leeds.
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