Support our Sponsors, they keep FADU free:   AG Photographic   The Imaging Warehouse   Process Supplies   RH Designs   Second-hand Darkroom Supplies  

Notices

Go Back   Film and Darkroom User > Site Forums > News and Announcements

  ***   Click here for the FADU 2015/2014 Yearbooks   ***

Reply
 
Thread Tools Search this Thread Display Modes
  #21  
Old 16th September 2015, 09:10 AM
Keith Cocker Keith Cocker is offline
Friend
 
Join Date: Jun 2010
Location: Lancashire
Posts: 127
Default

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.
Reply With Quote
  #22  
Old 16th September 2015, 09:58 AM
paulc paulc is offline
Friend
 
Join Date: Jan 2010
Location: Nestled in the foothills of Norfolk.
Posts: 931
Default

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.
Reply With Quote
  #23  
Old 16th September 2015, 10:31 AM
JOReynolds JOReynolds is offline
Friend
 
Join Date: Nov 2012
Location: St Albans UK/Agde France
Posts: 1,074
Default

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.
Reply With Quote
  #24  
Old 16th September 2015, 11:16 AM
Matt5791's Avatar
Matt5791 Matt5791 is offline
Friend
 
Join Date: Jul 2009
Location: Birmingham, UK
Posts: 235
Default

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.
Reply With Quote
  #25  
Old 16th September 2015, 11:24 AM
Steve Smith's Avatar
Steve Smith Steve Smith is offline
Friend
 
Join Date: Dec 2008
Location: Ryde, Isle of Wight.
Posts: 1,102
Default

Quote:
Originally Posted by JOReynolds View Post
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.
Looking at their website, it would apper that they invest in manufacturing companies as well as property.


Steve.
Reply With Quote
  #26  
Old 16th September 2015, 01:26 PM
big paul big paul is offline
Friend
 
Join Date: Jan 2009
Location: benfleet essex
Posts: 2,284
Default

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
Reply With Quote
  #27  
Old 16th September 2015, 05:31 PM
Jerry Bodine Jerry Bodine is offline
Friend
 
Join Date: May 2015
Location: Seattle area, Washington state
Posts: 169
Default

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
Reply With Quote
  #28  
Old 16th September 2015, 06:03 PM
TonyMiller TonyMiller is offline
Friend
 
Join Date: Apr 2010
Location: North Yorkshire
Posts: 890
Default

Phew - was seriously wondering this morning if I should start learning how to coat glass plates
__________________
regards,

Tony
Reply With Quote
  #29  
Old 17th September 2015, 09:00 AM
photomi7ch's Avatar
photomi7ch photomi7ch is offline
Friend
 
Join Date: Jan 2009
Location: East Midlands
Posts: 2,516
Default

Quote:
Originally Posted by Keith Cocker View Post
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.
I'm with Keth here Venture capitalists will rip the guts out of it if they cannot make a quick profit. If it does they will sell it out from under the management team without notice. If you really wanted the company to survive you would not sell it to a robber Baron.

Ha! I hope I'm wrong but the statement from the CEO is of concern in my opinion.
__________________
Mitch

http://photomi7ch.blogspot.com/

If you eliminate the impossible whatever remains no matter how improbable must be the truth.
Reply With Quote
  #30  
Old 17th September 2015, 09:50 AM
Matt5791's Avatar
Matt5791 Matt5791 is offline
Friend
 
Join Date: Jul 2009
Location: Birmingham, UK
Posts: 235
Default

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.
Reply With Quote
Reply
Support our Sponsors, they keep FADU free:   AG Photographic   The Imaging Warehouse   Process Supplies   RH Designs   Second-hand Darkroom Supplies  

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Rollei Retro 100 For Sale *SOLD* Peter S Sale or Wanted 1 15th November 2013 08:31 PM
Duka 50 Colour Safelight - SOLD Barry Auctions of Interest 12 10th March 2013 08:56 AM
If the film business is sold off at least it has a chance of surviving Argentum Photography in general 7 6th December 2012 04:58 PM
FS: Bronica ETRS Kit - SOLD Barry Sale or Wanted 9 12th April 2010 05:02 PM
FS: Nikon FE2 & F100 (SOLD) outremer Sale or Wanted 2 1st April 2010 07:18 PM


All times are GMT. The time now is 03:11 PM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.