Vision Group sources and distributes bedding and home furnishings to organisations such as John Lewis, Aldi, MoD, Hilton Hotels and Marriott. It is headquartered in the UK with operations in Ireland, Dubai, Pakistan, India, Hong Kong and China.
The Challenge
The UK textile industry was highly fragmented and crippled by shrinking margins, just as its principal customers in retail, hospitality and government were consolidating spend. Vision was constructed to address this – by acquiring failing competitors to cut costs and leverage scale, and by building an overseas service engine to optimise supply chain dynamics. Although the complex financial, operational and cultural challenges of multiple integrations across multiple jurisdictions were significant, turnover, profit and cashflow were compounded year-on-year, with sales reaching over £60m in 2018 (from £5m in 2008).
The Outcome
Vision was acquired by Westpoint Stevens, a large US Group owned by Icahn Enterprises in May 2019. An enterprise valuation of £xxm was achieved representing x.x sales and x.x EBITDA. The business and management team will become its primary hospitality platform as Westpoint further consolidates the global hospitality supply market. Etc Etc. TO FOLLOW.
Earlier business accolades included regular credits in the HSBC FastTrack 100 rankings highlighting growth and international presence; finalist in the EY Entrepreneur of the Year programme; and winner of the Lloyds Bank National Business Awards Exporter of the Year 2018.
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