Taking the reins of his father’s specialized furniture manufacturing business, Aspinal, in his early twenties following an unexpected passing, Richard successfully steered the company to new heights. With three manufacturing sites and eighteen retail outlets across England and Scotland, he had transformed the business into a flourishing venture, boasting a Caribbean home and a Mediterranean yacht. However, Richard envisioned even greater plans for Aspinal’s future.
Eager to scale the business further, Richard had invested significantly in manufacturing capabilities. Contemplating the acceleration of new retail outlets, he pondered the idea of attracting private equity investment but remained cautious due to the cautionary tales he had heard. This uncertainty led him to approach TWYD & Co, prompted by a conversation overheard at an industry event and considering the addition of a Non-Executive Director to the board.
Eighteen months later, Aspinal secured three offers of private equity investment, propelling the business to new heights of success.
TWYD & Co, known for their insightful counsel, began by challenging Richard’s choice of private equity, discussing both the benefits and potential pitfalls. They highlighted that any future private equity investor would appoint their own Non-Executive Directors rather than those found by Richard. Despite this, Richard was determined to proceed and engaged TWYD & Co to identify suitable non-executive candidates.
Recognizing the purpose of the role—to prepare for private equity investment—TWYD & Co suggested a focused search for someone with experience within the private equity industry, providing an insider’s perspective. Richard agreed, and TWYD & Co swiftly tapped into its global network of private equity professionals, presenting a slate of candidates for consideration. Personality profiling was employed to ensure not only the right technical fit but also a harmonious working relationship with Richard. Matching his personality profile with the candidates, a portfolio Non-Executive Director, Neil, emerged as an excellent fit.
Neil, with a 30-year career in private equity, joined the board at Aspinal and wasted no time making impactful contributions. Advising Richard on leadership team structure, HR systems, and recruitment processes to accommodate the planned expansion, Neil also facilitated the appointment of an exceptional CFO and improved financial governance. Eighteen months later, Aspinal secured three offers of private equity investment, propelling the business to new heights of success.
Reflecting on the journey, Richard credited TWYD & Co’s advice to focus on preparing for private equity before actively seeking it as invaluable. The strategic guidance provided by TWYD & Co, coupled with the expertise brought by Neil, not only positioned Aspinal for successful investment but also fortified the business to thrive in the competitive market.