From Commodities to Cabinets: Belfast's W&R Barnett Makes Bold Move in Furniture Industry

W&R Barnett, a Belfast-based firm with a stunning annual turnover of nearly £2bn, has made headlines by acquiring a majority stake in the Symphony Group, recognized as the UK’s largest privately owned manufacturer of fitted furniture. This strategic move marks an exciting diversification for W&R Barnett, which primarily operates in agricultural commodities including grains, sugars, and animal feed.

Originally, the company took its first step into diversification a decade ago by investing in Logson, a packaging manufacturer, and later gaining full control of that venture. The Symphony Group, located in South Yorkshire, specializes in creating fitted kitchens, bathrooms, and bedroom furniture, employing around 2,000 people. Notably, in 2023, Symphony reported impressive figures with a pre-tax profit of £15m on a turnover of £340m.

William Barnett, the company’s chief executive, expressed enthusiasm about the investment, stating, ‘We are very excited to invest in the Symphony Group and look forward to working with the management team to continue its success and growth.’ Despite this new majority stake, current owners Doug Gregory and his family will maintain a significant share and representation on the board, ensuring continuity in leadership.

In a related development, Gilbert-Ash, one of Northern Ireland’s major construction firms, is transitioning to an employee ownership trust (EOT), a UK government initiative that promotes employee ownership by enabling business owners to sell shares to an employee-owned trust without incurring capital gains tax. Gilbert-Ash’s managing director, Ray Hutchinson, highlighted the benefits they’ve already seen as an employee-owned company, citing improved loyalty, productivity, and innovation among their workforce. The switch to an EOT is expected to further enhance these positive attributes while securing the company’s legacy as employee-owned.