Silentnight sells Monkwell to Crowson Fabrics
June 25, 2001
Barnoldswick, Lancashire (UK) — Silentnight Holdings, the U.K.'s largest furniture manufacturer, has disposed of the first of the fabric companies it acquired when it bought Cornwell Parker for about $34 million last autumn.
Fabric wholesaler Monkwell, together with Design Archives, have been sold to Crowson Fabrics for about $4 million. For the time being, Silentnight will continue to provide a distribution service for Monkwell and Design Archives from its Eurohub Warehouse facility in Burnley, Lancashire.
Silentnight chief executive Bill Simpson is reported to have said that when the company acquired Cornwell Parker, its intention was to keep the furniture portfolio and sell the fabric companies.
No announcement has been made regarding the sale of the other Cornwell Parker fabric firms, which includes GP&J Baker, Parker Knoll Fabrics, Raymakers, Fardis and Parkertex, which together, reportedly had annual sales of about $47 million.
Crowson – as well as U.S.-based Kravet Fabrics are rumored to be among the bidders for GP&J Baker and the other remaining Cornwell Parker brands.
Crowson Fabrics director Neil Mooney commented: "Combined with the recent acquisition of the Hill & Knowles and Dovedale brands, this development promises to bring many exciting new opportunities to all brands within the Crowson Group. By optimizing our current distribution infrastructures, we can bring an enhanced level of service to all customers."
"Monkwell is acknowledged as a leading brand with an excellent history and I am sure both new acquisitions will flourish within the Crowson Group. Whilst retaining brand independence, both companies will benefit from further investment, enabling their creativity and individuality to continue and prosper."
Monkwell managing director David Smallridge said: "We are delighted that the uncertainty of the past months has ended and look forward to growing the business as part of a strong home furnishings group."
Fabric wholesaler Monkwell, together with Design Archives, have been sold to Crowson Fabrics for about $4 million. For the time being, Silentnight will continue to provide a distribution service for Monkwell and Design Archives from its Eurohub Warehouse facility in Burnley, Lancashire.
Silentnight chief executive Bill Simpson is reported to have said that when the company acquired Cornwell Parker, its intention was to keep the furniture portfolio and sell the fabric companies.
No announcement has been made regarding the sale of the other Cornwell Parker fabric firms, which includes GP&J Baker, Parker Knoll Fabrics, Raymakers, Fardis and Parkertex, which together, reportedly had annual sales of about $47 million.
Crowson – as well as U.S.-based Kravet Fabrics are rumored to be among the bidders for GP&J Baker and the other remaining Cornwell Parker brands.
Crowson Fabrics director Neil Mooney commented: "Combined with the recent acquisition of the Hill & Knowles and Dovedale brands, this development promises to bring many exciting new opportunities to all brands within the Crowson Group. By optimizing our current distribution infrastructures, we can bring an enhanced level of service to all customers."
"Monkwell is acknowledged as a leading brand with an excellent history and I am sure both new acquisitions will flourish within the Crowson Group. Whilst retaining brand independence, both companies will benefit from further investment, enabling their creativity and individuality to continue and prosper."
Monkwell managing director David Smallridge said: "We are delighted that the uncertainty of the past months has ended and look forward to growing the business as part of a strong home furnishings group."