Upmarket jeweller Theo Fennell revealed that it had decided to be taken private in a GBP2.9 million deal with a consortium of investors. The consortium includes investors such as EME Capital, Sir Keith Mills, and venture capitalist Jon Moulton.
Theo Fennell previously announced last September that it was in discussions with EME Capital. The announcement drove its stock price up almost 30% on that day, signifying positive investor confidence in the deal. Theo Fennell had been reporting frequent losses for several years after struggling with the consequences of the economic downturn.
While EME Capital and its team of investors offered shareholders of Theo Fennell a combined total of GBP2.9 million, the investors also offered equity shares as an alternative to the cash offer.
"This is an excellent opportunity for the business. With the additional capital and management expertise of Mirfield we will be able to build an even stronger business and I am personally delighted that I will continue to play a central role," Fennell himself explained.
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