Toy industry veteran, Martin Grossman, has sold his UK and Hong Kong businesses to Mark Walls and Daniel McLoughlin who have completed a majority share purchase to acquire ownership of the companies.
Mark and Daniel have worked in the toy industry for a combined period of 35 years and both are formally of HTI, where Mark, who becomes Managing Director following the buy-in, held the position of UK managing and sales director along with Daniel in Hong Kong, who was responsible for product development, sales and sourcing for over 10 years, a role in which Daniel will continue.
Mark Walls commented: "We are delighted and extremely proud to have the opportunity to acquire HGL. The business has seen 70 years of success and has developed a reputation within the industry for delivering craze lines and award-winning products. There is great scope to expand the business with its core brands and licensed portfolio to its growing UK and international customer base. The UK and HK teams have played a key part in the success of the company and it is imperative that the team remains at the forefront of the business for the future"
Martin Grossman commented, "I'm absolutely delighted for Mark and Dan, this is a wonderful opportunity for them as both Grossman businesses are thriving with unlimited potential. I'd like to thank my wonderful wife Elinor for standing by me for the last 45 years in the toy trade and for being my backbone. A special thank you goes to my co-director and friend Caroline Brotherton who has put her heart and soul into the business over the last two decades."
Martin will remain a shareholder and director and both he and Caroline will work within the business going forward. Mark Walls added: "Both myself and Daniel are very much looking forward to working with Martin, Caroline and the team and build on the hard work and success of H. Grossman."
The incoming management team was advised by the Manchester office of CLB Coopers with Corporate Finance Partner, Steven Lindsay and Senior Manager, Peter Williams, advising on the deal and tax advice provided by Tax Partner, Colin Abrahams. Corporate Partner, Tom Hall led the Pannone Corporate team assisted by Solicitor, Arshnoor Amershi.
Speaking of the support they received from their advisors, Mark commented, "Dan and I worked very closely with the teams at CLB Coopers and Pannone Corporate to get this deal done. They were crucial to getting it completed after many twists and turns along the way!"