The Bacup-based kitchen, bedroom and bathroom specialist has been a key local employer for more than 150 years, employing nearly 270 people across several local sites. The business designs, manufactures and delivers high-quality fitted furniture and serves both small trade customers and large-scale housing developers across the UK.
JJO has recently been acquired by 4D Capital Partners (4D), a private equity firm backed by the Newett family, known for their investments in the region’s property and housing sectors.
The move is expected to secure jobs and create opportunities in the local area, with the connections of the Newett family opening new avenues for growth. The new owners say their focus is on growing the business - investing in staff, improving processes and expanding capacity. Alongside further developing its flagship manufacturing operations, 4D intends to invest in the growth of JJO’s installation and contracting business, allowing the business to provide a full end-to-end service, from production, to delivery and fitting.
To enable this, Allica Bank - a challenger bank built for growing UK businesses - has provided a £10 million growth finance revolving facility, which will support the acquisition, working capital requirements and future growth plans.
“JJO has been part of the fabric of Bacup for generations, and we’re incredibly proud of everything the team has built here,” said Stephen Greenhalgh. “4D were an obvious choice to be the new custodians of the business, and with the support of Allica Bank it’s given us a real opportunity to grow the business while staying true to our roots. It’s about creating more opportunities, investing in our people, and broadening the services we can offer our valued customer base.”
Alex Silk, Managing Partner at 4D Capital Partners, said, “JJO has a long history in the area and has carved out a reputation as a top-tier manufacturer – the 4D team is really excited to become part of that story. We spoke with the Greenhalgh family about how we were uniquely positioned to help grow and develop the business, and we’re delighted that they decided to take this step with us.
“It was especially important that we were able to find a funder like Allica who was able to take a full view of the business, allowing us to borrow against JJO’s strong balance sheet in a flexible way.”
Amy Beasley, Regional Growth Finance Lead at Allica Bank, added: “JJO is exactly the kind of business Allica was built to support – established, ambitious and rooted in its local community. We’re proud that our revolving asset-backed facility has been able to back a business with such a strong heritage and an exciting future, and that we are part of positive change that is all about growth and long-term investment.”
Allica Bank worked with local advisors to organise the loan. It’s the latest in a series of major funding moves the bank has supported across the Midlands and North of England.
The deal was introduced by corporate advisors, with the following Midlands-based firms playing key roles:
- JJO management was advised by RSM- 4D Capital was advised by Quantuma Corporate Finance, led by Scott Peters & Richard Hill, and Shoosmiths.
- Allica Bank was advised by Victoria Baker at Pinsent Masons
- Asset valuations were carried out by SIA Group & Knight Frank
- JJO’s shareholders were advised by: DWF (legal) & RSM (sellside).
