Iconic cosmetics brand Facetheory rescued by mystery buyer in Lancashire hills
And it's not the first time Esselle has bought where private equity failed
Hello Rainmakers,
This is your weekly freebie for browsers of Rainmakers.
A few stories from around the regions this week.
Firstly, Lancashire-based retail group Esselle has acquired Agden Consulting Limited which trades as Facetheory, an online retailer of sustainable skincare products, following a sale completed by a pre-packaged administration process.
A notice on the Facetheory website claims they have “temporarily paused shipments due to scheduled website maintenance.”
It goes on the tell customers that orders will be available again as soon as possible. “We apologise for any inconvenience and appreciate your patience.”
The transaction will see 28 Facetheory employees, including it’s Central London retail store on Regent Street, transfer to Esselle Limited. The acquisition adds to Esselle’s footprint in the consumer goods sector. Esselle Group is owned and backed by founder and retail entrepreneur, Suraj Lalvani.
Established in 2013, Facetheory offers a range of eco-conscious skincare products beloved by a dedicated community of “Facetheory-ists”.
Private equity investor Active Partners had invested £10m into Facetheory in 2021, describing it as “truly one of the UK’s most exciting and fast-growing direct-to-consumer skin care brands”. At the time the business employed 60 people.
Active’s portfolio includes global members’ club Soho House and jewellery company Taylor & Hart, and sold trendy fast food brand Leon to EG in 2021.
However, clearly all has not been well, according to the accounts on 31 January 2025 Active Partners purchased the controlling shareholding of the company. “Active Partners have committed a significant convertible loan note and equity package.”
The business made a loss of £1,088, 239 on a turnover of £13,701,000 in the year to the end of April 2024, and in June 2024 the business opened its first retail store in Regent Street, London. It holds several sustainability certifications, including B Corp and PETA.
Sheffield-based founder Jamie Shuker left the business in January 2025 saying: “We’ve been quietly implementing a succession plan and I’m looking forward to the new management team taking Facetheory to even greater heights.”
In the last set of accounts the company notes it rebranded Facetheory and said: “whilst the new brand styling resonated strongly with customers, there was disruption from brand relaunch which impacted trading performance.”
Esselle is a relatively new business, based in Rossendale, Lancashire and founded in 2023 when it bought the assets of home furnishings business Arthouse for £1.5m in a pre-pack deal, after NorthEdge called it quits.
It sells mainly wall coverings and home furnishings and its controlling entity, Falcon Corporation Ltd is registered on the Isle of Man.
Commenting on the acquisition, Suraj Lalvani, CEO of Esselle Limited, said: “We are thrilled to welcome this innovative brand into the Esselle family. We’re excited to scale innovative formulations, deepen our customer relationships and unlock new opportunities across the clean beauty sector.
“Customers can rest assured that all outstanding and future orders will be fulfilled without disruption, and Esselle looks forward to further engaging Facetheory’s loyal customers and community members.”
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Making his Rainmakers debut, Rob Buckland talks us through the dramatic twists and turns of The Wave, a revolutionary leisure destination which has been through its own choppy waters.
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As a veteran of the Yorkshire corporate finance community Jim Whittaker has survived recessions, market scandals and high-profile corporate collapses. As Whittaker nears three decades in the industry, Sheryl Moore caught up with him to ask what’s next for one of the region’s longest serving rainmakers.
As head of Grant Thornton’s corporate finance team Yorkshire and the North East, Jim Whittaker is as busy as ever. He credits running around 20 miles a week to keep up with the gruelling long hours needed to get deals over the line. Alongside his “obsession” with running, Whittaker is an avid illustrator and once had his own adult comic magazine called Poot.
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Secure Trust Bank Commercial Finance (STB CF), based in Solihull, has provided a £50m asset-based lending facility to Modella Capital.
The funding supports its acquisition of WH Smith’s UK high-street stores, which will be rebranded as “TG Jones.”
Swindon-based WH Smith will retain its brand in travel locations, including railway stations, airports, hospitals, and international outlets.
Meanwhile, TG Jones will take over 464 UK high-street stores and will benefit from this funding as it embarks on improvements under Modella’s ownership.
Sean Toal, CEO at TG Jones said: “The high street stores have a rich history and exciting future and we are focused on investing in our people, products and customers to reinforce our position under the new brand TG Jones. We’re pleased to have the support of Modella Capital and Secure Trust Bank Commercial Finance, who both understand the retail landscape and share our ambition for sustainable growth.”
Over the past two years, STB CF has supported several private-equity-led deals, including Modella’s acquisition of Hobbycraft and funding for Ann Summers’ online expansion in January 2024.
The team processed 10 private equity transactions across eight sponsors last year, up from six the previous year.
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Rainmaker Awards return to the East Midlands.
We're bringing the Rainmaker Awards back to the East Midlands after a hugely successful first year in 2024.
Like our other regions, this year we are asking firms to submit a short entry for some categories to ensure our judges have the full information when making their selections. Please submit your entries by Friday 25 July.
Head to rainmakerawards.uk to submit.
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