gunnercooke acts for Wool Overs on private equity sale
July 8, 2015
gunnercooke has provided legal advice to online knitwear retailer, Wool Overs, on its sale to private equity firm Langholm Capital.
Founded by Mark and Clare Shenton in 1989, Wool Overs has developed from a business selling cable-knit sweaters at country shows, to an international online retailer providing over 150 different styles of jumpers, sweaters and cardigans.
Based in West Sussex, Wool Overs has seen turnover increase to around £25m following 25 per cent annual growth in each of the last two years. It supplies nearly 750,000 customers and has websites to cover markets including the USA, Australia, France and Germany – with one third of sales now generated overseas.
The team at gunnercooke, led by Matthew Searle, advised the shareholders on the transaction.
Matthew Searle, corporate partner at gunnercooke, said: “From its early origins of selling wool jumpers at English Country Shows, Wool Overs has rapidly become one of the most exciting online retail businesses in the UK.
“We have been working with the founders for a number of years to help them achieve their business objectives and we’re confident the business is set for further growth with its new owners.”
Mark Shenton, who will retain a significant stake in the business, added: “The gunnercooke team did a fantastic job in helping us structure our reinvestment in the business. This is a very exciting opportunity for Wool Overs and a new chapter in its history. Langholm has a track record of building brands and growing businesses and I look forward to building this new partnership.”