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Business acquisition expands and builds on existing products and brand
Jenny had the vision and enthusiasm to spot the potential to revive and grow an existing business, injecting fresh ideas and management Phil Harrison, Business Growth Adviser, Airedale Enterprise Services.
Jenny Howarth, owner of Verbeia Essences and an experienced professional within the alternative therapies sector, jumped at the chance when a local and respected business within the sector came up for sale. Knowing the company well, Jenny identifies an opportunity to acquire Baileys Flower Essences business and sit its products alongside her own, as well as reviving and expanding the brand.
Acquiring the new company, including its products and brand, involved long negotiations and support provided by Airedale Enterprise Services. “Jenny had the vision and enthusiasm to spot the potential to revive and grow an existing business, injecting fresh ideas and management,” said Phil Harrison, Business Growth Adviser at Airedale Enterprise Services.
The major challenge was the acquisition stage. This element involved detailed negotiations focused on a settlement which respected the business history and the interests of all parties.
A business plan was critical to put forward a successful application for a Virgin StartUp Loan. Together with some private investment this loan enabled the completion of the acquisition and the launch of the new business in March 2016.
With Phil’s help Jenny was supported through the acquisition negotiations and was able to produce an accurate and effective business plan which not only tested the viability of the business but also formed a key document for the loan application.
Shortly after launching the business Jenny attended the Ilkley Complementary Therapies Festival where her products received a great reception – she took over £800 in direct product sales at the event. The business also has an online shop at www.yorkshirefloweressences.com
Jenny Howarth is a client of Airedale Enterprise Solutions, delivering business support on behalf of National Enterprise Network in Yorkshire and Humber.
Under the Start & Grow programme Jenny received 10 hours of support and has attended network events relevant to her sector. She secured a loan of £9,000 to add to the personal investment into her business. One job has been created.