Posted 30th Nov 2018

Canburg acquired by US real estate developer

By KBBDaily on 30th November 2018 - 16:14pm
money matters, canburg, acquisition administration, kbb, kbbdaily

Luxury furniture group Canburg Limited – owner of Smallbone of Devizes, Mark Wilkinson Furniture, and Brookmans – has been acquired by Gary Barnett, the founder and president of New York-based real estate development firm Extell Development Company, through the holding company Sapphire 700 Limited.

The acquisition by Barnett follows reports earlier this month that the company was preparing to file for administration, and has secured the positions of the group’s 260 employees as well as allowing for continued production of the brands.

Canburg’s existing management team – led by executive chairman Ian Gray, who was appointed in September – will be “actively working with Sapphire to drive forward the future success of the company, which remains a going concern”.

“We would like to thank our customers, suppliers and staff for their recent support and are focused on working with our new American partners as we continue production to fulfil the order book,” said Gray.

Barnett added: “Having deeply admired the company for many years, I was so keen to take this great opportunity to acquire these unique brands. Over the past 10 years, I have had the pleasure of working with Smallbone of Devizes on many projects such as our One57 development in Manhattan and was struck by its incredible design and making; it is rare to find this level of quality. I am looking forward to working to develop and evolve these luxury British, handmade furniture businesses in the UK and around the world.”


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