The Edinburgh Woollen Mill (EWM), a British supplier and retailer specializing in wool clothing and gifts, acquired Pro Quip last month. It intends to inject funding into the expansion of the golf apparel brand, which ranks second in the British market for golf weather protection, behind Sunderland.
Pro Quip and EWM both declined to provide any details on the price of the transaction and the shareholders involved. However, documents filed by Pro Quip indicate that its former shareholders included Richard Head, its chief designer and managing director; along with Simon Glasgow, chairman; and Aiden Creedon, another director. Both Glasgow and Creedon apparently left the company after the sale, while Head has stayed on board under the new owners.
EWM sells woolen and cashmere products, along with a wider range of fashion wear, in more than 300 stores that it owns around the country. It has a wide range of private-label products, including golf apparel, and some of its stores sell golf equipment as well. The retail network includes 192 high street stores selling garments targeted at senior consumers. Another 94 specialty tourist shops sell a range of gifts adjusted to the location, and the remaining 28 outlets are so-called destination sites, containing EWM’s concepts and other brands.
Pro Quip, which was picked as a supplier for the European Ryder Cup team next year, last reported sales of £2.9 million (€3.1m-$4.7m) for the fiscal year ended in January 2007, compared with £2.4 million the previous year, with exports making up about one-quarter of sales. Pro Quip made a loss that year, as in the three previous years, but the report still showed a marked improvement, with a loss of just over £23,300 (€25,210-$37,650) in the last financial year compared with more than £2 million two years earlier.
EWM stated that it would reinforce Pro Quip with its own resources in terms of product development, sourcing and distribution, but hastened to add that the brand would continue to target pro shops and golf specialists. The next innovation to hit the shelves is a waterproof suit made from an ultra lightweight, plain-weave fabric with two-way stretch.
EWM dates back to 1946 and moved into retailing in 1970. It then expanded by acquiring several companies, from knitwear companies to retailers, such as Grampian Woollen Mills, whose former holding company owned Pro Quip as well as Glenmuir, among other brands. In November 2002, the company was bought by its management, headed by its chief executive, Philip Day. Based in Langholm, Dumfriesshire, and employing more than 3,500 people, EWM reported sales of about £148 million (€160.1m-$239.1m) for the full year ended in March 2008. However, its operating profit dropped by about 25 to percent to £14.3 million (€15.5m-$23.1m) that year.
