The Blackpool office of Champion Accountants has advised on the acquisition of acclaimed gymnastic-wear manufacturer Milano Pro Sport by Manchester’s Signature Fabrics.

The undisclosed deal sees 90 per cent of Preston-based Milano Pro Sports’ shares sold. Founders Paul and Lesley Pendergest – who cut their teeth as MD with Betterware Gp. and head of swimwear at M&S respectively – are now employed in consultant positions to ensure a smooth transition over the next 12 months.

Milano Pro Sport has a 30-year legacy of designing and creating gymnastic wear, having grown from its roots producing aerobics kit and children’s leotards to become official supplier of kit to the Olympic British gymnastics team, via their team up with Adidas, as well as the 20-year sponsor of the Home Nations Commonwealth Games gymnastic kit.

The manufacturer was also given Royal approval in 2010, following an invitation to Buckingham Palace and a personal interview with the Queen.

The acquisition by its lycra supplier will strengthen Milano Pro Sports’ business proposition, as Signature Fabrics takes control of the material, design and manufacture of its gymnastic wear.

The sale was led by Andrew Boniface, director of our Blackpool practice, who handled negotiations, tax advice and due diligence, working in partnership with our recommended legal team.

Paul Pendergest said: “This is an exciting milestone for Milano Pro Sport, and we’re looking forward to watching our already successful business continue to gain momentum under David Kaitiff’s leadership.

“We’re delighted with the outcome of the sale – it’s a good deal for all involved and we felt certain throughout that Champion Accountants had our best interests at heart. After nearly 30 years growing the business, I put it into their hands, confident that they would treat it as if it was their own.”

Andy Boniface said: “Both of the businesses involved operate at the peak of their industries, and this latest chapter will see Milano Pro Sport become a real force to be reckoned with.

“Selling a business that you’ve built from the ground up is emotional. It was important to us that Paul and Lesley saw that our team of experts were working to deliver the best possible outcome through a smooth process.”