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Keswick Flooring, a subsidiary of Nestware Holdings, has announced the acquisition of UK Flooring Direct (UKFD) for an undisclosed sum.
Teneo Financial Advisory acted as the lead advisor on the sale of UKFD to Keswick Flooring.
Founded in 2005, UKFD is one of the UK’s leading online retailers of real wood, vinyl and laminate flooring, serving over 1 million customers.
The business reported strong growth during the home improvements boom during the Covid pandemic, growing its sales to £65m.
However, more recently, it has suffered from supply chain disruption and cost inflation against the backdrop of weakening consumer demand and in June 2023, UKFD appointed Teneo to explore interest from potential buyers, capable of providing financial and strategic support to the business.
Nestware Holdings Limited specialises in investing in companies within the flooring and homeware sectors.
It owns a range of flooring businesses including Carpetright and The Floor Room.
The sale safeguards all of UKFD’s 85 employees in Coventry and as part of the sale agreement, any outstanding customer orders will also be fulfilled.
Paul Meadows, joint administrator of Teneo Financial Advisory, said: “I’m very pleased that, following an accelerated sale process run by our special situations M&A team, we have been able to secure a future for UK Flooring Direct. The sale safeguards all of UKFD’s 85 employees in Coventry and gives the business the strategic backing it requires to fulfil its ambitions.”
