Stockport law firm, SAS Daniels has advised on the purchase of North-West based music retailer, Dawsons Music, after the chain went into administration.
Partners in SAS Daniels’ corporate and real estate teams advised music entrepreneur Andrew M Oliver, and his wife, Karen Oliver (both pictured), who have bought the six-store chain out of administrations.
The deal, confirmed by administrators KPMG, means that the six stores in England and Northern Ireland, and around 75 jobs, will be saved.
SAS Daniels’ Paul Tyrer and Steven Percy, advised Mr Oliver on the deal. Paul said:
I am delighted that we were able to rescue this historic brand and preserve so many jobs. Andrew has more than 21 years’ experience in the musical instrument sector and over 30 years’ experience as a musician. In that time he has developed a close network of contacts across the globe. This is a fantastic opportunity for him to drive Dawsons forward and I am sure that his strong leadership and passion for music will enable the business to flourish.”
The music retailer’s six stores in Manchester, Liverpool, Chester, Leeds, Reading and Belfast had been forced to close due to Covid restrictions in March, however, the retailer continued to trade strongly online. Following the purchase, the business will continue to trade via a new company; Dawsons Music & Sound Ltd. which is owned and operated by Andrew & Karen’s existing company Arranged Musical Options Ltd.
Established in 1898 in Warrington, Dawsons is one of the oldest and largest retailers of musical instruments and equipment in the UK.
Andrew M Oliver, who previously purchased Alan Gregory Music & Musical Instruments in Didsbury, said:
I’m excited to be taking on such a well-established brand with a strong heritage and huge potential. It would have been a huge loss for a business that is so well known and loved to close its doors for good. My wife and I are relishing the opportunity to lead such a strong team at Dawsons. Both businesses completely complement each other.”
BZ Commercial Finance provided finance for the deal, represented by Carol Betts and Rebecca Mills of law firm Gateley Legal in Birmingham.
Rick Harrison, partner at KPMG, and Neil Gostelow from KPMG’s restructuring practice are appointed joint administrators for Dawsons. Rick Harrison said:
Since the outset of our appointment, we have been struck by the affection that so many people hold for this iconic retailer. We are therefore delighted to have been able to conclude this sale, which not only ensures the Dawsons business will continue, but also safeguards employment for 75 members of staff. We wish the new team every success for the future.”
Administrators for the music retailer were advised by Hayley Phelps and Jonathan Whitbread from law firm Harrison Clark Rickerbys.