Devon firm that makes tumblers for Elton John under new ownership

The Devon glass maker that has made tumblers for Elton John this Christmas has new owners.

Dartington Crystal in Torrington makes glassware used by royalty, celebrities and first class passengers with British Airways.

Now, it will begin 2019 under new ownership after a management buyout (MBO) backed by Barclays Bank.

Directors Neil Hughes, Richard Halliday and Alan Ramsay will take a major share of the business and continue its growth.

John Hammond MBE, the current owner, will retain a minority shareholding.

Mr Hughes said: "We are keen to build on the solid foundation that's been laid and are very excited about the future plans for the business, both in the UK and internationally.

"It is very much business as usual for Dartington and we will continue focusing on providing quality products for our customers."

As the last factory-scale producer of crystal in the UK, Dartington Crystal remain a vital regional employer with over 130 staff based at the north Devon headquarters.

In 2017 Dartington Crystal celebrated 50 years of trading with record sales of £14million.

The business has developed a diverse range of sales channels including high street retailers, wine and spirits, corporate gifts and bespoke own label products.

The company sells its products through its own website and outlets and a number of other retailers including John Lewis.

It has also produced trophies for the RHS Chelsea Flower Show, as well as the champagne flutes used in British Airways' First Class service.

The transaction will ensure ownership remains in British hands and provide continuity for Dartington's customers, employees and suppliers.

Neil Hughes will remain Managing Director, Richard Halliday as Commercial Director, Alan Ramsay as Finance Director and John Hammond, the current owner, will retain a minority shareholding.

Dartington Crystal has longstanding royal and VIP connections, having been popularised in recent weeks by Sir Elton John. Hew said that he bought some Dartington Crystal tumblers from John Lewis, as part of his Christmas collaboration with the high street retailer.

Isca Ventures acted as the lead corporate finance advisors on the transaction, with funding provided by Barclays Bank and legal support from Probert Legal. The vendor was advised by Philip Marsden and Foot Anstey.