Refined Brands (‘Refined’) is the new corporate identity for the ethically sourced, natural and sustainable focussed group of British clothing businesses. Having completed its first investment into Cornwall based Celtic & Co. in February 2021, Refined has continued its M&A strategy by welcoming three new brands into the group:
Frugi – UK’s leading ethical and organic children’s clothing brand
Cornwall-based and established in 2004, Frugi is a leading childrenswear brand with a strong focus on sustainability using organic cotton throughout their collection. Refined acquired the brand via administration in November 2022. The operations and assets of the business have since been relocated to Celtic & Co’s headquarters in Indian Queens resulting in a significant number of local jobs being saved.
Turtle Doves – Recycled cashmere accessories made in the UK
Founded in 2009 by Kate and Graham Holbrook, Turtle Doves uses post-consumer textile waste to create beautifully upcycled new garments and accessories. Its flagship products include its cashmere fingerless gloves and wrist warmers, all manufactured locally at their head office in Shropshire using discarded or donated woollens. As part of the transaction, Graham Holbrook will remain as MD to continue its growth story.
Kettlewell Colours - Wardrobe essentials for women who love to wear colour
Founded in 2004 by Melissa and John Nicholson, Kettlewell Colours was created as an online one-stop-shop for women who love to wear colour all year round. Headquartered in Somerset, the brand offers an extensive catalogue of premium wardrobe pieces and accessories in over 300 colour shades, across multiple product categories to customers internationally. Adopting an ethos of fair-trading practices, Kettlewell works predominantly with small, family-run factories in Portugal, Turkey and the UK who share their environmental values. Melissa will continue to lead the business post transaction.
Scott Mackenzie, Investment Director at Souter Investments said: “We are delighted to welcome the founders, management teams and staff of Frugi, Kettlewell Colours and Turtle Doves to the Refined Brands family. These acquisitions are a testament to the thoughtful approach the Refined team have taken towards championing ethical fashion and a true hallmark of sustainability in a crowded market. We are very excited to be a part of the next chapter of the group.”
James Williams, Group Managing Director at Refined Brands said: “Combined, our brands create the leading portfolio of digitally native, British ethical fashion brands with a razor sharp focus on natural and sustainable fabrics. As a group, we see significant opportunity to bring our pioneering brands to an ever-growing audience of ethically conscious consumers.”
Refined were advised by: George Green (legal), Grant Thornton (financial, tax and buy-side and advisory) and Kvika Bank (buy-side advisory).