Cavendish Finance Partners advise on the refinancing of Dolcis

Published December 18, 2006

Cavendish Finance Partners have advised on a successful fundraising process as part of the management buy-in of Dolcis.

An MBI team led by John Kinnaird has acquired the footwear retail chain from Alexon plc. Dolcis consists of 67 stand alone retail stores and 137 concessions. With a turnover of over £65m and over 50 years of history it is one of the high streets leading retail brands.

Dolcis had been under performing for the last two years before Alexon took the strategic decision to dispose of it. In any turnaround situation speed of movement is the key to arresting losses. Cavendish Finance Partners was able to quickly identify potential sources of funding and agree terms in a timescale that was attractive to both the vendor and the MBI team.

John Kinnaird commented, ' The key to the successful conclusion to this transaction was speed of completion. We needed to get into the business quickly to address key issues. Additionally, our ability to move quickly put our bid for Dolcis in a favourable light with the vendor. The Cavendish Finance Partners team enabled us to do this.'

The MBI means that Dolcis will receive the management attention and financial resources it needs to return to healthy profitability.