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> Harman Sold! |
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#21
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Bad news in my view. I don't like these sort of businesses. I've dealt with PE and Venture Capitalists and they only have one intent in making their acquisitions and that is to get a return as quickly as possible and if not to get rid or strip the assets.
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#22
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Perhaps I am alone in thinking that this news may be good for the long term survival of Harman/Ilford. The factory is in need of investment and plans for redevelopment of the site have faltered. With Pemberstone on board, new avenues for investment have been opened up.
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#23
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A little online research suggests that Pemberstone Investments Ltd invests mainly in property and quotes recent activity in terms of the square footage of recent acquisitions.
Since the land on which Harman's factory sits was sold off at the time of the management buyout, Pemberstone's purchase of a manufacturing company without property does not appear to follow their usual form. |
#24
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Hi all.
I myself am not worried about this - besides, this was definitely going to happen sooner or later. the 6 guys who owned the company and bought it out of administration 10 years ago are nearing or beyond retirement age. And they, I think woudl admit themselves, have probably done all they can do with the business: they have delivered a business that is almost operationally perfect (seriously, I've never dealt with such a reliable company). But one which probably needs new life in terms of marketing and moving to the next level. And it was pretty much a dead certain it would be Private Equity that financed the deal - who else has the cash? The amount has not been disclosed, but having discussed it with a contact at Deloitte who runs these sort of tak overs, we estimate the price was probably £10m - £15m. There certainly isn't anyone in the industry who would be in the position to or want to buy them. First thing is, the land is not part of the deal, it belongs to someone else and Harman have a lease on the site. Planning is in to develop most of it with Harman being given a new factory on a 7 acre corner. The new owners have nothing to do with this development and Harman can not be moved, indeed, they are in the driving seat - the owner wants to build houses and needs them out of the way so they are in a very strong position. New new factory will mean a DRAMATIC reduction in operating costs for Harman. For example, at the moment they are pumping steam and chilled water all over the 40 odd acre site. Their gas bill is £1.2 million per annum. So the new factory will immediately mean: - estimated 50% reduction in energy costs - reduction in rent - reduction in business rates - numerous other cost savings - for example, they wont need to use articulated trucks just to move stuff around the site. etc etc etc - the list is a long as your arm. Now look at this: Harman is a profitable company. They turn over £20m in the most recently filed financial year with a nett profit of almost £700,000, as things stand at the moment. The changes moving forward make the company a VERY attractive investment. Add to this investment in the brand, the products, the distribution - which I understand are the objectives of the new owners - and throw into the mix this: Harman is an almost impossible company to compete with. It's a very attractive investment proposition as a business. Last edited by Matt5791; 16th September 2015 at 11:26 AM. |
#25
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Quote:
Steve. |
#26
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thanks for that insight Matt,I now feel a bit better. because I love film and its been a life long hobby I do worry about its future .I would think if Ilford did close I bet that another company would move up the ladder ,and I am sure you would approach other company's for more stock . I think that Ilford has missed a trick here they should have been more advertising ,there are still a lot of people that think that Ilford don't make film anymore ,and its hard or imposable to buy film and as we know this is untrue .all we can do is wish Ilford good luck for the future and see how things go....
www.essexcockney.com |
#27
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This message was posted on the APUG forum yesterday:
Statement from Harman Technology Ltd Apologies for joining the discussion so late, yesterday was a little hectic... I just wanted to post a something on here as I know Simon is a regular contributor and many will be expecting a response. Firstly I have to tell you that Simon exited the business when it was sold. Simon may well continue to be an APUG contributor in a personal capacity however I don't know that for sure. Many of you have already read the press release about the sale of the business. I don't really have anything more to add on that front, other that to say it's definitely business as usual. This is an exciting time for all involved in the business, I've worked for Harman / Ilford for 28 years and this is yet another chapter in our story ! Harman will continue to support APUG and my Technical services team (David, Sue and Myself) will monitor and contribute to APUG. I have set up a "Harman Tech Service" APUG member which we will share between us. Our primary technical support will continue to be via the "Contact Us" section of the Ilford Photo website. Neil Neil Hibbs |
#28
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Phew - was seriously wondering this morning if I should start learning how to coat glass plates
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regards, Tony |
#29
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Quote:
Ha! I hope I'm wrong but the statement from the CEO is of concern in my opinion.
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Mitch http://photomi7ch.blogspot.com/ If you eliminate the impossible whatever remains no matter how improbable must be the truth. |
#30
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Here is a more comprehensive press release than that on the Harman website which has been forwarded to me by my contact at Deloitte:
THE firm which makes the famous Ilford brand of black and white camera film has been sold to Worcester-based investment group Pemberstone Ventures. Pemberstone, headed by Mark Anslow, the former lead partner at BDO in Birmingham, has paid an undisclosed sum for Harman Technology, which is based in Mobberley, Cheshire. Harman, which was owned by its management team, employs 200 staff and turned over £19.4m in 2014. Managing director Peter Elton and finance director Andy Taylor will continue to run Harman following the deal. Pemberstone chief executive Mark Anslow and chairman Andrew Barker will join the Harman board. Harman was created in 2005 when former directors of Ilford Imaging UK bought the business out of administration. They named the new company after Alfred Harman, who founded Ilford in 1879. In recent years, Harman Technology has seen improved sales and profits amid a revival in analogue photography. The firm exports to more than 40 countries, with overseas sales accounting for 90% of its revenues. Harman is best-known for its black and white film, but it also supplies desktop media for colour and monochrome prints, wide-format inkjet display media, single use cameras, photographic materials and coatings. Anslow said: “We have been tracking the performance of Harman for some time and are very positive about the potential we see. We’ve made this purchase with the intention of supporting Harman to achieve significant growth over the coming years. “We are very excited by the potential of the analogue photography movement, and believe that Harman is uniquely placed to drive the resurgent film market into the future.” Elton said: “Under the stewardship of Pemberstone, we will be in a position to capitalise on the opportunities presented by the resurgence in analogue photography and to grow our business.” Manchester-based HURST Corporate Finance acted as the lead adviser on the deal. Partners Nigel Barratt and Rachel Murphy advised Harman. Barratt said: “This transaction represents a great deal for all parties. Ilford is a respected global brand and, under Pemberstone’s ownership, I am sure it will enjoy continued success in the future.” Rebecca Grisewood and Kate Richards, at the Manchester office of Gateley, advised Harman. Rob Laughame, of Irwin Mitchell’s corporate team in Birmingham, advised Pemberstone. Pemberstone Ventures has investments in companies across the UK whose activities include manufacturing, travel and technology. |
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