An NED helps secure Private Equity
Richard took over Aspinal, his family’s specialist furniture manufacturing business, in his early twenties after his father’s unexpected passing. Over the years, he expanded it into a thriving company, operating three manufacturing sites and eighteen retail outlets across England and Scotland. Business was booming—success had afforded him a home in the Caribbean and a yacht in the Mediterranean. But Richard had bigger ambitions.
With significant investment already made in manufacturing, he saw an opportunity to accelerate expansion by opening new retail outlets. To fund this next phase of growth, he considered private equity investment. However, having heard mixed experiences from peers, he was cautious. Unsure of the best approach, he reached out to TWYD, prompted by a conversation overheard at an industry event. At the time, his thinking was simple—adding a Non-Executive Director to the board might help guide the business forward.
The Right Strategy, the Right People
From the outset, TWYD challenged Richard’s thinking. Private equity was one route, but not the only one. We explored the benefits, risks, and what an investor would expect. Crucially, we highlighted that any future private equity firm would likely appoint its own Non-Executive Directors, meaning Richard’s chosen candidate might not have a long-term role.
Despite this, Richard was clear—he wanted an experienced Non-Executive Director to guide him through the process. TWYD recommended focusing the search on someone with deep private equity experience, ensuring the business was prepared before actively seeking investment.
Tapping into our global network, we identified and assessed candidates with first-hand experience in the sector. Personality profiling was used to ensure not only the right technical fit but also a strong working relationship with Richard. One candidate stood out: Neil.
The Right Expertise at the Right Time
With a 30-year career in private equity, Neil knew exactly how investors would assess Aspinal. After joining the board, he wasted no time. He advised Richard on leadership team structure, HR systems, and recruitment, ensuring the business had the right foundations in place. He also played a key role in appointing an exceptional CFO and strengthening financial governance.
The Outcome
Eighteen months later, Aspinal received three private equity offers—each one a strong opportunity to propel the business to new heights.
Reflecting on the journey, Richard saw TWYD’s advice to prepare first, seek investment second as game-changing. By focusing on readiness before approaching investors, Aspinal not only secured investment but also built a leadership structure designed to support long-term success in a competitive market.