Cavendish

Cavendish advises on the sale of Mitre Furnishing Group Ltd

Cavendish Corporate Finance is pleased to announce the sale of Mitre Furnishing Group Limited (''Mitre'') to Sunlight Service Group Limited (''Sunlight''), part of the Davis Service Group plc, for an undisclosed consideration.
Mitre, based in Merthyr Tydfil in South Wales, has worked within the hotel, holiday, health and education markets for more than 60 years selling an extensive range of textile and soft furnishing products such as curtains, sheets, towels, bedspreads, pillows, duvets, tablecloths and blankets.

Mitre, a family business which holds two Royal Warrants, has a varied client base including the majority of four and five star hotels in the UK such as the Dorchester, Claridge's and Gleneagles as well as Sandy Lane in Barbados and the Burj al Arab Hotel in Dubai. The business also supplies colleges and universities such as Harrow, Eton and Oxford.

The shareholders of Mitre appointed Cavendish to manage a sales exercise and identify suitable purchasers (both trade and private equity) that could deliver the right value, and at the same time, provide an excellent home for the business.

Interest was seen from a significant number of trade and private equity buyers and Cavendish competitively managed the resulting interest to ensure that a price was achieved that exceeded the shareholders' expectations and reflected the future potential of the Mitre business.

Following a short period of exclusivity for due diligence and contract negotiations, the transaction with Sunlight Service Group completed in early February 2007. The family shareholders will work for a transitionary period with the new owners.

[Paul Herman] of Cavendish Corporate Finance commented: ''We are delighted that we were able to identify a new shareholder for the Mitre business that will be able to develop the business further over the coming years. Our exercise involved identifying investors from both the UK and overseas. Sunlight was one of a number of investors who were able to see the opportunities to develop the business going forward.''

Cavendish contacts for further information:
[Paul Herman], Director
Paul Landsman, Executive

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