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7:46 pm, October 29, 2009
Saddlery buckles up for growth

Knutsford-based Abbey Saddlery, one of Britain's leading wholesalers of products for the equestrian trade, is predicting a ten per cent increase in its £3.5m turnover following a move into the fashion industry.

The family-owned firm, which was set up in 1982 and employs 34 people, specialises in supplying materials and tools to manufacturers of harnesses, saddles and rugs.

However, following advice from its accountants, Baker Tilly, it has diversified in recent years and since the acquisition in September this year of a foundry from Walsall-based BB Stanley, the firm is now producing brass belt buckles for the clothing industry. It now expects to manufacture more than 100,000 buckles a year.

Since acquiring the 178 year-old foundry, Abbey's buckles are already appearing on the high street. It has secured agreements with all of the UK's leading belt manufacturers and is also supplying Ralph Lauren with buckles for its fashion bags.

The firm said it is now on target to reach sales of £4m this year and is expecting a further increase of ten per cent in 2010.

In addition to its acquisition of the foundry, the business bought brass lock manufacturer FH Tompkins in August 2008, which has aloowed it to explore other new niche markets, including the production of mortuary hinges.

Elliot Simon, partner at the Manchester office of Baker Tilly, has advised the business on its acquisitions.

“Despite being experts in a highly specialised sector, Abbey Saddlery's management team have always been keen to look beyond the equestrian market,” he said.

“Its two most recent acquisitions complement the saddlery side of the business extremely well, but at the same time offer an entirely new dimension.”

Abbey Sadlery's managing director, Richard Brown, said the firm's core business also continued to perform well. “Autumn is traditionally one of our busiest trading periods - I'm pleased to say we are 25 per cent up on where we were last year.”

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