GILL SELLS THE MAJORITY STAKE IN ITS CLOTHING COMPANY TO YFM

The undisclosed sum of money paid to Douglas Gill International to YFM Equity Partners is intended to back their existing management team. Gill was established in the 1975 by Nick Gill who started up the business in his father's Nottingham lace factory.

The Gill business makes technical sailing clothing and accessories and exported to more than 35 countries and last year and won the Queen's Award for Enterprise for International Trade. Gill employs more than 40 staff at its Long Eaton site.

As part of the deal, Steve Richards will be joining Gill as non-executive chairman. He is currently chairman at QualitySolicitors and Waterbabies and was previously chief executive of Interflora and managing director of Manchester United Merchandising.

The management team includes managing director John Deverill, who has been with Gill for 16 years, sales director Bryan Stewart and product director Matt Clark. Nick Gill will be a non-executive director in the company after the transaction with YFM.

YFM director Paul Cannings said: "This is a strong management team that has delivered growth for the past three years in a difficult retail market. With our financial and strategic support we will help the team develop the brand further and increase its market share in existing and newer markets."

Gill managing director John Deverill added: "It has been a great pleasure to work with Nick and the team as we developed Gill into a premier international brand of sailing apparel. With Steve, Bryan, Matt and the team at YFM Equity Partners we are excited by the opportunity to continue to develop and invest in the brand and increase our
international market share."