[June 06, 2007] Hillarys blinds sold in GBP225m 'confidence vote' Tweet (Nottingham Evening Post Via Thomson Dialog NewsEdge) Nottingham-based blinds business Hillarys has changed hands in a GBP225m deal. The Colwick company, which employs 600 people in the city, has been sold in a deal that will see one venture capital company buy it from another. But chief executive John Risman said today the senior management team would stay the same. Hillarys was launched more than 30 years ago by entrepreneur Tony Hillary, but he sold out to venture capitalists in 2000. The business changed hands again in 2004 when Change Capital partners, founded by former Marks & Spencer boss Luc Vandvelde, bought it for GBP115m. Now, it has been sold again, with Change Capital Partners nearly doubling their money in a sale to European Capital. Hillarys' core business is its made-to-measure blinds service, where the firm's advisers measure up and fit blinds. It has become a market-leading GBP100m turnover company that operates nationwide. Like many businesses selling into the home improvement market, the company suffered from a market downturn in 2004-2005. But Mr Risman says Hillarys has traded its way out of the "tough" market conditions by expanding its services and bringing in new staff. He told Business Post: "In 2004 to 2005 it was extremely tough, and you had people like B&Q and Homebase reporting declines in like-for-like sales. "We weren't immune from that, but since then we have traded very well. We have done some new things, we have some new people and the results have been good." Besides its core made-to-measure blinds service, Hillarys has developed an online service, Web Blinds, and sales of shutters and awnings. "Customers come to us because they are looking for a higher level of service than they might get by buying off the shelf from a DIY shop. "We have traded hard in the last couple of years and we have gained market share. It remains a competitive sector but we are giving people what they want." Besides the 600 people at Colwick, Hillarys employs a further 400 people at a site at Washington, Tyne & Wear. "We have 200 people more than we did two years ago, so the business has been growing quickly and all departments have seen investment," said Mr Risman. "This is very much a vote of confidence in the business. We have performed very well over the last couple of years, we have developed new plans and European Capital have bought into that lock, stock and barrel." Copyright 2007 Northcliffe Newspapers Group Ltd, Source: The Financial Times Limited [ Back To TMCnet.com's Homepage ]