L-R David Neate (SCF), Sven Dergowski (Wisepenny) and Rick Smyth (Harvey Ingram)

Wisepenny Distribution, a new company founded by Sven Deregowski and the existing management team, bought the assets of Wisepenny Products from the receivers.

Wisepenny operates from six locations throughout the UK including a depot in Bromsgrove, specialises in distributing confectionery and related items through a van based service to the convenience store sector. Operating through a fleet of some 70 vehicles, the business provides a national service supplying some 6000 retail accounts.

Sven Deregowski, commenting on the transaction said “the acquisition represents a first step in securing the future of Wisepenny. By working closely with its suppliers and customers, we intend to improve our service and supply to the sector with a view to generating sales of £9 million.”

David Neate from Springboard Corporate Finance, who acted as lead advisors to Wisepenny Distribution, commented “Wisepenny’s van based distribution service is unique in the sector, through its national network the business represents a good platform to grow the range of product to the convenience store sector.”

Asked to comment on Springboard’s involvement, Sven Dergowski commented “Our deadline for completion meant that hard work and dedicated teamwork was required. In every aspect Springboard Corporate Finance excelled, possessing a tireless work ethic and continuously adding value. They gave me complete confidence and demonstrated their professionalism and expertise throughout the transaction.”

Posted: 1/6/2006