Dundee Based Furnishing Fabric Group in Management Buyout February 8, 2018
Sekers Fabrics Ltd and Wemyss Weavecraft Ltd, two leading furnishing fabric wholesalers have undergone a management buyout by the current Managing Directors.
Ian Tatnell and Ian Worf the respective MD’s for Sekers & Wemyss will be equal shareholders in the new company Worell Ltd with funding assistance provided by The Royal Bank of Scotland together with the previous owners. Malcolm Moir, who is the majority shareholder of the previous owners Gourdie Ltd, will be retained as Group Non-Executive Chairman to oversee the smooth transition of the deal.
Sekers are currently in their 80th year of trading and specialise in the design and supply of furnishing fabrics and wallcoverings to the international hospitality market. Servicing architects and designers involved with this industry, they are key suppliers to many famous hotel chains along with cruise ships, restaurants, bars and healthcare markets. Sekers have partners in all the key design regions globally; America, Europe, the Middle East and Asia making it a truly international brand with export sales representing 30% of turnover and growing rapidly.
Wemyss, having celebrated 70 years of trading in 2017, also specialise in the design and supply of furnishing fabrics and wallpapers concentrating on the UK residential market supplying interior designers, soft furnishing retailers and upholsterers as well as high end furniture manufacturers.
Both brands operate from the Wester Gourdie Industrial Estate in Dundee under the same management team that has effected the buyout. The workforce is made up of 48 people based at the Dundee headquarters and at their jointly shared Chelsea Harbour Showroom in London plus individual trade sales force for each brand situated around the UK.
Both Managing Directors confirmed that it will be ‘’business as usual! We are both delighted to have been given the opportunity to become owners of two great businesses that we have been involved with collectively for over 50 years. We are fortunate to have a brilliant team of people behind us who also share our passion and enthusiasm and this will help us to continue to grow both businesses in the years to come’’