Owners of Michelin-starred Northcote set for £380m windfall - this is why
Alf and Claire Ellis took over Northcote in April last year.
The husband and wife owners of Lancashire’s Northcote are set for a £390 million windfall after agreeing to sell their kitchen business.
Alf and Claire Ellis - who took over Northcote at the start of last year - are selling DIY Kitchens to Howden Joinery Group, the UK’s largest supplier of fitted kitchens, The Times reports.
Howdens described DIY Kitchens as a “highly profitable and growing enterprise” with a “distinct” business model.
What’s the history?
The Barnsley couple, both now in their 70s, were building a family home in 1980 when they went shopping for a kitchen and found themselves frustrated by what they saw as a combination of poor quality and high prices. Rather than compromise, Alf decided to build one himself.
Friends and family were impressed by the result and soon began asking the couple to make kitchens for them. What started as a favour quickly became a business and, in 1982, the pair opened a modest 1,490 sq ft showroom in Barnsley town centre.
Within three years the company moved to a new 10,000sq ft facility on the outskirts of Barnsley and went on to acquire two sites in South Kirkby. Registered as Ultima Furniture Systems - DIY Kitchens is a trading name - it generated £37 million of operating profit on £136 million of revenue last year, having grown sales at more than 17 per cent a year over the past five years.
Howdens generated revenues of £2.4 billion and profit before tax of £344.9 million last year.
Completion of the deal remains subject to customary regulatory approvals.
Northcote
The couple acquired Northcote from the Stafford Collection for an undisclosed sum. Their journey with Northcote began when they first experienced the property as guests of the annual renowned culinary festival, Obsession, more than 10 years ago.
They have promised to bring the same passion, innovation, and dedication to hospitality as they have to manufacturing, and want to invest in the property, inroducing “new levels of luxury and design while staying true to Northcote’s soul and values.”
Already, the site has undergone investment in bedroom renovations, there is to be an extension to the private dining area, known as the Louis Roderer Room, and plans are progressing for a ‘Pavilion’ restautant, wellness centre and rooms.