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ReSolve Completes Sale of Scotts Limited
ReSolve completes a sale of Scotts Limited, saving the business and 135 jobs.
ReSolve, the leading boutique business advisory practice, is pleased to announce the successful sale of the business and assets of Scotts Limited (“Scotts” or the “Company”), a privately-owned mail order and eCommerce business, to WoolOvers Group.
Scotts is a UK market-leading mail order and eCommerce business operating within the homewares, gifts, health and garden sectors and trades under the names ‘Scotts & Co’ and ‘Scotts of Stow’. The Company operates as a direct-to-consumer multi-channel retailer with multiple e-Commerce websites including Amazon and eBay stores, along with mail order catalogues and physical retail stores including its flagship store in Stow-on-the-Wold, Cotswolds.
The Company had operated successfully for over 30 years with an active and loyal customer database totalling almost half a million shoppers. However, a confluence of factors in 2022, including a seven-fold increase in freight rates, a 38% increase in print and paper costs and a reduction in trade due to the cost-of-living crisis, led to a downturn in financial performance, which in turn necessitated the sale of the business and assets.
ReSolve was engaged by the Company to seek potential buyers. The ReSolve team pursued a number of avenues, including utilising its extensive contact list. Unsurprisingly, there was widespread interest from a significant number of parties and after a detailed due diligence and negotiation process, WoolOvers Group made an offer to purchase the entire business and its assets. Mark Supperstone and Ben Woodthorpe of ReSolve were subsequently appointed as joint administrators and the sale completed out of administration on 9 March 2023, saving the jobs of all 135 employees by securing their transfer to WoolOvers Group.
I am pleased that we have been able to secure the sale of Scotts to WoolOvers Group. Scotts undoubtedly has a great brand and a number of loyal customers, so I am happy that the business can continue to trade and that all staff will find employment with the purchaser. I am confident that its new owners will be excellent stewards of the business and I wish them all the best for the future.
It was clear when we did our due diligence on Scotts that it was a high-quality company and was a perfect fit for our business. We see excellent potential within the business and now that it is on a more secure financial footing, I’m sure that it will go from strength to strength. It is also extremely gratifying that this sale will protect all 135 jobs at Scotts and I look forward to working with each and every one of them.
This article was originally published on ReSolve Advisory Limited. On 28 October 2024, ReSolve Advisory Limited joined S&W Partners LLP (formerly Evelyn Partners LLP). While considerable care was taken to ensure the information contained within this article was accurate and up to date at the time of publication, no warranty is given as to the accuracy or completeness of the information. No liability is accepted for any errors or omissions in such information or any action taken on the basis of this information.