Luxury jewellery business Theo Fennell has received a recommended offer to buy the brand from a group of investors, with former Goldsmiths chairman and chief executive, and founder of watch distributor Nuval, Jurek Piasecki lined up to take on the role of chief executive.
The proposed acquisition has been made by Mirfield 1964, a company set up on June 11 by a group of investors for this specific purpose. The investors include cosmetics tycoon Mike Jatania, LOCOG chairman Sir Keith Mills and Better Capital founder Jon Moulton have each invested £1.5 million, and EME Capital and Piasecki which have committed to £500,000 investments.
While Piasecki would take on the chief executive role, Theo Fennell founder Theo Fennell and financial director Alasdair Hadden-Paton will remain at the business as directors. Fennell and Hadden-Paton would also join the board of Mirfield and be given shares in the business.
Fennell has agreed to sign over any rights he has to the name Theo Fennell and associated intellectual property to Mirfield.
Fennell said: "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 for Theo Fennell.”
As part of the deal Mirfield would also gain shares in The Original Design Partnership Limited, the independent design agency owned by Theo Fennell.
Mirfield hinted that the creative team in place at Theo Fennell would remain as it is now, but said that it intends to bring in additional retail experience to the company.
EME Capital partner and Mirfield director Rahan Shaheen said: “This is an exciting opportunity for Mirfield. Theo Fennell is a well-established British luxury brand which is highly respected for its distinctive designs and creative talent.
"The Mirfield team have strong experience and proven track record of investing in and growing successful luxury and consumer businesses. We believe that with the necessary funding, a strong management team in place and a focus on broadening the product range, Mirfield can help Theo Fennell to realise its full potential and develop the business into a successful global luxury brand.”
A decision will be made on the proposal in the next couple of months.