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Burnley firm taps into £70m turnover
A LEADING Burnley firm has bought a successful bathroom distributor to strenghten its market share and increase turnover to more than £70million.
Ultra Finishing, based on Heasand-ford Industrial Estate, has acquired Halifax-based Niko Distribution for an undisclosed sum, safeguarding around 180 jobs at both sites.
Managing director Mike Duggleby said: “We have worked with Niko for many years and have enjoyed a succ-essful working relationship with them.
“We will now be able to offer comp-lete bathroom solutions, something the company has been striving towards.
“The first phase is expanding the product range in our Premier brand, which will be available in September.”
The deal will see Niko CEO Tony Wood join the board at Ultra.
The two businesses will continue to trade as independent entities, with Ultra focusing on UK fulfilment of the new increased range of Premier/ Niko products, together with its Hudson Reed and Ultra brands.
Niko, as the manufacturer, will focus on supplying OEM cust-omers and key accounts on a direct basis.
Ultra has gone from being based in a humble air raid shelter 30 years ago to a company with a £50.4million annual turnover, exp-orting showers to the US, Canada, Australia and Europe.
The family-run business was the first to provide a gold-plating service to the bathroom industry when it was founded, in Elm Street, by Steve Heys.
Cassons Chartered Accountants and Business Advisors, in Haslingden, assisted with the deal.
Nick Stockton, partner at Cass-ons, said: “Ultra are a dynamic and forward-looking company. We’re delighted to have helped them achieve another great milestone which puts them in a very strong position moving forwards.”
Other advisers to the deal included Umberto Vietri, of AWB Charlesworth, who provided legal support to Ultra.