Family-owned Storey Carpets sells its stake
One of the Northeast’s most successful carpet businesses has been sold by the family that founded it over 80-years-ago
After over 80-years of trading, one of the Northeast’s most successful carpet businesses has been sold by the family that founded it.
Storey Carpets was founded by the Paul Heptinstall in the early 1920s but has now been bought by Carpetright for an overall consideration of £19.5m.
The company, which is currently headed by the founder’s grandson Simon, is being bought for an upfront payment of £18.5m with a further £1m to follow.
In an interview with the Newcastle Journal, Heptinstall said: “I got a call last autumn asking if I would be interested in selling and I eventually went down to talk to them.
“One thing that took me by surprise was what nice guys they were. They are down to earth and passionate about carpet retailing.
“I have always regarded Carpetright as a fierce competitor – and that will not really change. Storey Carpets will still compete head-on with the Carpetright brand.
“As far as they are concerned, the Storey Carpets management will run the brand.
“We will be in charge day-to-day, though my title will change to sales and operations director, and my boss will be John Kitching, though he won’t be based here. They have already talked about locations to expand.”
Heptinstall also told the Journal that he was not certain whether there would be any staff cuts as a result of the deal.
“It might happen, but they will not announce any changes of that nature until they understand how we service the business – they won’t second guess,” he said.
Storeys runs around 30 carpet stores and also operates under the Walter Wall, Woodland Floors and UKCarpetsDirect.com brands.
© Crimson Business Ltd. 2007