Refined Brands acquires Turtle Doves
Refined Brands, the digitally native portfolio of ethically sourced, natural and sustainable British brands, is delighted to announce the acquisition of Turtle Doves.
Founded in 2009 by Kate and Graham Holbrook, Turtle Doves uses post-consumer textile waste to create beautifully upcycled new garments and accessories. On the back of accelerating consumer interest in truly sustainable fashion, Turtle Doves’ recycled cashmere gloves, wrist warmers and upcycled garments, all manufactured locally to Turtle Doves’ head office in Shropshire, led the brand to achieve sales of £4.5 million in the LTM.
In the Refined Brands’ portfolio, Turtle Doves joins Celtic & Co, the digitally native retailer of natural sustainable knitwear, footwear and outerwear, as well as Frugi, the pioneer of ethically sourced, organic and recycled childrenswear. All brands are united in their use of sustainable materials, working to a circular fashion model where products are crafted to last, exclusively using natural or recycled fabrics with a low impact on the environment.
Looking forward, the first of many intra-group product collaborations will be launched in SS23 - a range of recycled cashmere mule slippers, handcrafted in Cornwall using Celtic & Co’s signature British sheepskin lining combined with a Turtle Doves recycled cashmere upper.
Ben Barnett, Chair for Refined Brands, commented:
“The creation of Refined Brands was motivated by a desire to build a differentiated family of sustainable fashion brands, alongside founders and teams that shared our passion and vision. Turtle Doves are pioneers in fully recycled garments and accessories, and I am delighted to welcome Graham Holbrook and his team to the group.”
James Williams, Group Managing Director for Refined Brands, added:
“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.”
Graham Holbrook, Turtle Doves Managing Director, said:
“This represents a natural step for Turtle Doves as we take our unique and sustainable proposition to international markets. The systems and expertise at Refined Brands will enable us to sell directly to customers around the world and also to large retailers and online marketplaces. We will be able to employ more people in the UK, save more clothes from landfill, and deliver our award-winning service to more customers. We are already seeing the benefits from the exchange of ideas that come from like-minded businesses working together.”
Key transaction stakeholders
Kvika Bank acted as financial advisor to Refined Brands
Azets acted as financial advisor to Turtle Doves
Grant Thornton LLP provided financial due diligence for the transaction
George Green LLP acted as legal advisors to Refined Brands
Harrison Clark Rickerbys acted as legal advisors to Turtle Doves
About Refined Brands
Refined Brands is the leading digitally native portfolio of ethically sourced, natural and sustainable British brands. Built on the back of British heritage brands and high-quality local manufacturing, the group was founded in February 2021 by a group of committed retailers including Ben Barnett, former CEO of TFG London (owner of the Phase Eight, Whistles and Hobbs brands) and retail veteran Michael Rahamim. The group is funded by the team, in partnership with HSBC, Kvika Bank and Souter Investments, the family investment office of Stagecoach co-founder, Sir Brian Souter.
About Turtle Doves
Founded in 2009 by Kate and Graham Holbrook, Turtle Doves specialises in using post-consumer textile waste to create beautiful new garments and accessories. All of Turtle Doves products are manufactured in the United Kingdom from recycled cashmere, using discarded or donated woollens to produce a range including fingerless gloves, leg and wrist warmers, beanie hats and more.
About Celtic & Co.
Founded by Nick and Kath Whitworth in 1990, and headquartered in Cornwall, Celtic & Co. is a pioneering, digitally native retailer of ethically sourced, natural sustainable knitwear, footwear and outerwear. The brand continues to stay true to its heritage, with in-house manufacturing of its sheepskin boots and slippers continuing to take place in Newquay, Cornwall.
About Frugi
Frugi was founded in 2004 by Kurt and Lucy Jewson after they struggled to find sustainable clothes to fit over reusable nappies. Now, Frugi is the UK’s leading ethical and organic children’s clothing brand available to buy online globally in 30 countries, with its range from newborn to ten years.
