Market
Conditions Defied as Crystal Windows Sees Out Successful MBO
Crystal Windows Limited, which designs and constructs
upmarket conservatories, has defied market conditions and moved into new
ownership with the completion of a management buy-out.
The Poynton, Cheshire, based business, which is on target for £3
million in sales in 2008, has been acquired by Tony Wooderson, who has
held senior management positions with Crystal since joining in 2001. Crystal
was established in 1992.
Founder Paul Masterson, previously the company's major stakeholder, has
sold to enable him to concentrate on his other business interests.
Tony Wooderson's advisers were Sean Moriarty of accountants Haines Watts
Manchester and Andy Sturge of Turner Parkinson Solicitors, Manchester;
Paul Masterson was advised by Julian Roylance of Corporate Accountancy
Solutions of Macclesfield and Philip Cuerden of Bowcock Cuerden Solicitors
of Northwich. RBS Manchester, led by Paul Bradbury, financed the deal.
Tony Wooderson said: 'A deal involving, effectively, pvc windows in the
construction sector would appear to most observers to be a highly unlikely
and even risky transaction in the current economic environment.
'But RBS has wholeheartedly backed this deal. The company sees Crystal
as being a business established so far away from the mainstream and so
firmly embedded at the top end of the market that it has genuine potential
where others do not.
'This was illustrated in extremely timely fashion: we were commissioned
to design and construct two £25,000 conservatories within days of
the MBO.
'Paul Masterson feels he has taken the business as far as he can after
15 years and now plans to devote more time to his other business interests.
'However, Paul's attention to detail, obsession with quality and his customer
service ethos will live on under my stewardship. His cut-no-corners approach
has become everyone's approach, and we design and construct our product
with great pride.'
Tony, 44, from Poynton has been involved in high-value retail for 14 years.
He'll know how to celebrate though: he was the youngest ever member of
the Guild of Sommeliers before switching from the wine trade.
'I have developed clearly focussed plans for the business: we are in a
niche market of top-end and upmarket conservatories, and I plan to drive
the business into an even more dominant position in that sector. We have
the potential to become the generic premium conservatory designer, and
I intend to establish the business in that position,' said Tony.
Crystal designs and installs conservatories at an average value of £17,500
compared to the market average value of £7,500. It has, however,
designed and created conservatories on budgets of up to £100,000.
'Less than £10,000 is simply not a good investment - the optimum
balance of value and design we generally find to be around £18,000.
The sky's the limit when talking about the potential price of a conservatory,
but most cost around about the same as it would cost to move house - and
the vast majority add their own value and more to a house price for a
good ten years or so after they're fitted,' said Tony.
'They rarely need planning permission - if they do, then we deal with
it. We don't use sales people - we are very careful about how we do business.
Our products and services are design-led, something reflected by the fact
that we are sought out and commissioned to design and
construct conservatories rather than do the hard sell,' said Tony.
Web: http://www.crystal-windows.co.uk
