New owners find recipe for success in cookware retailer

• Company seeking to double turnover to £4m by 2008 as internet sales continue to boom

One of the UK's fastest growing internet retailers has been sold to new management for an undisclosed sum in a deal backed by the Clydesdale Bank.

Callander-based Pots and Pans (pots-and-pans.co.uk) is the country's largest independent online cookware retailer, with internet sales growing by 45% so far this year and a projected turnover of £2m across its web and retail divisions in 2006/07.

The company, which employs 23 staff and also operates two retail outlets in Stirling and St Andrews, has been purchased by Stirlingshire-based husband and wife Guy and Mary Morgan.

Pots and Pans serves a wide range of customers in the UK, US, Europe, Asia and Australia and hopes to double its turnover by 2008 by increasing is presence in the domestic and overseas markets.

The company, which was founded 12 years ago as a traditional 'High Street' retailer, has grown rapidly since diversifying its business with the launch of its web service seven years ago.

Revenues from the website have grown by around 50% a year in the last three years, while pots-and-pans.co.uk receives more than 1600 unique hits each day. The shops and website offer a wide range of high-quality brands - including Le Creuset, Denby, Global Knives and Jamie Oliver cookware - at substantial savings on high street prices.

Mr Morgan said: "The business has experienced very strong growth in recent years and we are confident that we can build upon that success, further increasing our share of the online market and continuing to provide the first-class service that customers have come to expect.

"Jamie Ritchie and the Clydesdale Bank team were keen backers of our management buy-in, providing a fast and efficient service with clear decision making. Once the bank committed to the deal they were very proactive, advising on how to ensure that the purchase proceeded smoothly. We look forward to continuing to work with the Clydesdale as the business moves forward."

Jamie Ritchie, acquisition finance director at Clydesdale Bank, added: "We are delighted to be backing Guy and Mary. Pots and Pans is a highly successful business with tremendous potential for further growth and we believe that its new management team have the drive and determination needed to ensure the company fulfils that potential."