Around 140 jobs have been saved after luxury kitchen maker Harvey Jones was sold out of administration in a pre-pack deal.
A fund managed by RBC BlueBay Asset Management has acquired the company for an undisclosed sum.
The deal comes after Harvey Jones revealed it was having “advanced and encouraging” talks over a rescue deal as it bid to avoid collapsing into administration.
In a statement, the business said the new investment will “accelerate the strategic transformation” of the company with “further product and omnichannel development in the premium kitchen space as well as optimising reach for additional areas in the home”.
It added: “Brand awareness will be further strengthened with our ongoing support and collaboration with our new strategic brand partners across both consumer and trade.
“The investor will work closely with the management team at Harvey Jones to support the development of the brand.
“Harvey Jones intends to continue with its growth strategy and recent product introductions have been very well received by new and existing customers to date.”
London-headquartered Harvey Jones has showrooms in Battersea, Bath, Birmingham, Bournemouth, Brighton & Hove, Bristol, Cambridge, Cardiff, Chester, Chichester, Chislehurst, Edinburgh, Guildford, Hampstead, Harrogate, Islington, Marlow, Milton Keynes, Notting Hill, Nottingham, Oxford, Sheen, St Albans, Tunbridge Wells, Wilmslow, Winchester and Worcester.
The company was founded in 1977 and its kitchens are all handmade in Cambridgeshire.
Harvey Jones’ accounts for 2022 are overdue to be filed with Companies House.
Vince Gunn, Harvey Jones CEO, said: “We are delighted to be working with our new owners and investors who will provide us with the support and expertise to accelerate our business transformation and realise the profound potential that underpins the much loved Harvey Jones brand.”
For 2021, the company reported a turnover of £19.3m, up from £15m, and pre-tax profits of £1.2m, having previously made a pre-tax loss of £4,649.
Chris Pole, managing director of Interpath Advisory and joint administrator, said: “With a proud heritage stretching back over 45 years, Harvey Jones has forged a strong reputation for the quality of its designs and craftsmanship.
“We are pleased to have been able to secure this transaction which will provide the business with a stable financial platform upon which it can move forward.
“We wish the management team and the new owners all the best for the future.”