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A team from Grant Thornton UK LLP Transaction Advisory Services advised a treble of deals for an ambitious UK-based ethical fashion group, Refined Brands.

After advising Refined Brands on the late 2022 acquisitions of Frugi and Turtle Doves, the team led by consumer sector specialists John Panteli and James Pitts has now advised on Refined Brand’s purchase of Kettlewell Colours, a ethical women’s fashion brand based in Somerset.

Founded in 2004 by Melissa Nicholson and her husband John, Kettlewell Colors has an annual turnover of almost £9 million. She sells wardrobe essentials in over 300 colors to international clients – working primarily with small, family-owned factories in Portugal, Turkey and the UK who share her environmental values.

Kettlewell Colors becomes the fourth brand in the Refined Brands portfolio, which also includes Cornwall-based footwear and outerwear brand Celtic & Co. All share the same ethical and environmental values, using sustainable materials and working to a circular fashion pattern.

The Grant Thornton team provided financial and tax due diligence on the Kettlewell Colors and Turtle Doves deals and buy-side support on the pre-pack acquisition of Frugi – which included support from the company’s restructuring team. company (Alistair Wardell and Will Robinson).

John Panteli, Head of Transaction Advisory Services for Grant Thornton in the South, said: “With growing consumer awareness of the environmental impact of the clothes we buy, Refined Brands has a clear and compelling strategy to build a group differentiated from brands with the highest ESG credentials.”

“We are delighted to have advised on these three significant acquisitions and look forward to supporting the Refined Brands team as they pursue their selective buy and grow strategy.”

Refined Brands was founded in February 2021 by Refined Capital Partners, the investment firm of a group of high-profile fashion industry figures including Ben Barnett, former CEO of TFG London (owner of Phase Eight brands , Whistles and Hobbs) and retail veterans Michael Rahamim and Lee Harlow.

The group is funded by the team, in partnership with HSBC, Kvika Bank and Souter Investments, the family investment office of Stagecoach co-founder Sir Brian Souter.

This was posted in the Member News section of Bdaily by John Robson.

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