Phoenix Fragrances, based in Wellingborough, has been an independent company since 1987. It was founded by Tony Dallimore and Alan Parry and boasts sales of around £8m per annum.
The agile and creative nature of Phoenix was one of the things that attracted Sozio. Both firms have an entrepreneurial and creative approach alongside a drive for craftsmanship. This approach has been instrumental in Phoenix generating business with rapidly growing independent brands as well as large retailers in the UK. That, together with its expertise and credibility with fragrances based on natural ingredients, proved very attractive to the family-owned company Sozio.
Tony Dallimore and Alan Parry said: “Based on Phoenix Fragrances’ continuous growth, we felt the need to seek the support of a larger enterprise. It was clear from the very first meetings that there was a high degree of mutual empathy, understanding built around similar philosophies and a dedication to moving the respective business forward.”
Tony and Alan will continue to lead the management of Phoenix Fragrances, with input and assistance of the management teams.
Frederic Braud, General Manager of Sozio, said: “Phoenix Fragrances’ integration fits in perfectly with our strategic plan and confirms our determination to accelerate our growth in the UK market. Meanwhile, due to the great awareness of Phoenix Fragrances in the UK market, we will keep the brand separate from Sozio.”
Elaine Olson-Williams, Advisory Partner from MHA MacIntyre Hudson, said: “We have worked with Phoenix Fragrances for 14 years, advising on corporate strategy and traditional compliance matters, and have seen the business go from strength to strength. I am delighted that Alan Parry and Tony Dallimore have been able to sell the business with an excellent outcome.
“My colleague, Nathan Sutcliffe, Tax Director, was instrumental in providing high-quality tax advice for the sale. We were also delighted to work closely with Andrew Kerr and his team at Wilson Browne on this disposal. Their expertise was integral to the excellent
Tony added: “We very much enjoyed working with Elaine and Nathan. The pillar of success was most certainly having a committed and qualified team of advisors, truly integrating accounting, tax, legal and M&A advisory work at its best, from both a professional and personal perspective.”
Andrew Kerr, Partner in the Company & Commercial Law Team led the Wilson Browne Solicitors team on the transaction, which was in part driven by tight deadlines.
With an impending Chancellor’s Budget, it was unknown whether there would be any detrimental changes to Capital Gains Tax and all parties felt it was a case of ‘better the devil you know’, so it was crucial the deal was concluded before the Budget was announced.
Commenting on the deal, Andrew said: “It was a delight to work with our colleagues at MHA MacIntyre Hudson on such an interesting deal for Tony Dallimore and Alan Parry. Time really was of the essence and thankfully we are well versed in the art of burning the candle at both ends to deliver results on a tight deadline.
“With the support of Guy Zarins, Nina Wilson (Commercial Property), Jennie Jahina (Employment), and my other colleagues, we are well placed to deliver on all of the legal requirements that those types of transactions demand.”
Find out more about Wilson Browne Solicitors on 0800 088 6004 or visit www.wilsonbrowne.co.uk
More information about Phoenix Fragrances is available at www.phoenix-fragrances.co.uk