DM Midlands Group, the owner of Ashley Manor, Alexander & James and AMX Design, is entering into a joint venture partnership with the Thailand Carpet Manufacturing Company PLC (TCMC).
The sale of a majority stakeholding for an undisclosed sum marks the beginning of a new era for the group, owned by David Lee and Mark Smith, which has reported its third consecutive record-breaking year.
The joint venture will further develop and strengthen areas such as sourcing, manufacturing and production capabilities, quality assurance, control and efficiency, providing added benefits to its UK customer base.
David and Mark remain as MD and design director respectively, with the team’s day-to-day operations "unaffected".
Pimol Srivikorn, chairman of TCMC, says: “Ashley Manor, Alexander & James and AMX Design are prestigious British companies with excellent growth potential. The businesses are thriving and are deservedly renowned for their innovative furniture design and quality products. We look forward to developing the potential even further, strengthening the UK business and expanding further in their global markets.”
David Lee, MD and co-founder of DM Midlands, comments: “This is an exciting and very positive development as we enter the next phase of our highly successful business. The partnership with TCMC is a great fit for us and both parties share the same values and similar cultures and means genuine long term investment and expansion which is great news for all those associated with us.”
Colchester-based upholstery manufacturer Alstons was sold into a partnership with TCMC last year.