Entrepreneur reaches new heights with help of Cumbrian advisers
An innovative Maryport company is reaching new heights following its acquisition of a competitor with the help of two Cumbrian advisers.
Chimney Sheep Limited completed its acquisition of The Chimney Balloon Company on 11th July 2017 with the support of Michael Walby at Burnetts and Mark Stanger at accountants Gibbons.
Owned by former ecologist Ms Sally Phillips, Chimney Sheep Ltd is a manufacturer of draught excluders for chimneys. Made from Herdwick felt, the Chimney Sheep stops cold draughts and reduces energy bills by around 5%. The Chimney Balloon Company is a Surrey-based manufacturer of an inflatable draught excluder, made from a non-porous plastic.
This acquisition enables Chimney Sheep to further expand its product range and market share, both in the UK, and internationally.
Sally Phillips (48) said, “The acquisition of The Chimney Balloon Company was an opportunity that we could not miss. The Chimney Balloon has been on the market for almost 30 years and is a very well-known brand with established markets in the United States and also in New Zealand. There are real synergies between the two companies and this acquisition gives us an immediate increase in our share of the market and allows us to further develop international markets.”
She continued “Michael Walby came highly recommended and did a fantastic job. Thanks to Michael’s experience, the acquisition went very smoothly. Mark Stanger has also been there to give me lots of helpful advice.”
Chimney Sheep Ltd was founded by Sally in 2012 when she recognised that the Herdwick wool being used for home insulation elsewhere in Cumbria could also be used to minimise draughts from chimneys which suck away 5% of household heat.
Michael Walby, Corporate Partner at Burnetts who led the legal aspects of the acquisition said, “We are delighted to have advised Chimney Sheep on this strategic acquisition, and it was great to work with and act as a sounding board to an entrepreneur like Sally. We look forward to supporting the future growth of Chimney Sheep, which is a product of Sally’s ingenuity, and is a true Cumbrian success story.”
Accountancy and financial advice on the transaction was provided by Mark Stanger Partner at Gibbons. He said, “It’s great for us to be able to play a continuing part in the evolution of an expanding West Cumbrian business”.
Burnetts’ award winning Corporate team is ranked by Chambers and Partners as Cumbria’s top legal adviser to SME’s and owner managed businesses. The prestigious guide to the legal profession describes the team as having a “thriving M&A practice” and a “reputation for excellence”. Michael Walby is recognised for his expertise by the Legal 500.
For further information on Chimney Sheep Ltd, visit https://chimneysheep.co.uk
Further information on the energy saving benefits of the Chimney Sheep are available here: https://chimneysheep.co.uk/pdfs/University_of_Liverpool_efficacy_report_September_2013.pdfAll News