15th July 2020
The entire issued share capital of Surrey-based family business The String Zone - which since its inception in 2004 has grown to become the one of the UK’s leading specialist online stores for orchestral players - has been sold to Strings & Things.
Formed in 1975, Strings & Things supplies musical instruments, accessories and world-leading brands – including Ernie Ball, Hercules Stands and Mooer Audio - to retailers across Britain and Ireland from its West Sussex headquarters.
Under the terms of the transaction, husband-and-wife team Andrew and Gillian Riley, directors and principle shareholders in The String Zone, and their son, Tom, an IT specialist, will remain with the business in the short term to provide specialist support.
The sale is set to strengthen Strings & Things’ market presence, expand its geographic footprint and extend the range of products it offers to its fast-growing UK customer base.
The String Zone received legal advice from members of Thrings’ Corporate team - led by partner Simon Hore and solicitor Conor Melvin – who carried out due diligence, negotiated the share purchase agreement and drafted the accompanying disclosure letter.
Associate solicitors Amari Rajendran (property litigation) and Rebecca Whiting (real estate) advised on property-related matters.
Corporate finance advice was provided by Daniel Wright, partner at Watersheds.
Andrew Riley said: “Simon and his team provided us with constant and patient support throughout a long and very detailed due diligence and contractual process. Simon’s relaxed and friendly style gave me the confidence to consult him at any time about any issue of concern, no matter how trivial and I would unconditionally recommend him and Thrings to anyone contemplating this sort of process.”
Simon Hore added: “A combination of hard work, dedication and offering high-quality products and first-class, reliable service to customers over the past 16 years has earned The String Zone an industry-leading reputation among the classical string playing community in the UK.
“Thrings is very pleased to have worked with Watersheds and overcome the challenges presented by the coronavirus outbreak to secure a successful outcome for all parties involved with this transaction. We would also like to wish Andrew and Gillian well as they look ahead to a new and exciting next stage in their lives.”
Strings & Things received legal advice from Wedlake Bell.