Belfast-based firm W&R Barnett has bought a majority stake in Symphony Group, the UK’s largest privately owned manufacturer of fitted furniture.

W&R Barnett was already among the UK’s biggest family-owned firms with an annual turnover of almost £2bn.

Its core business is trading in agricultural commodities like grains, sugars and animal feed.

A decade ago the company diversified by buying a stake in Logson, a packaging manufacturer, later buying full control of that business.

The Symphony Group, which is based in south Yorkshire, makes fitted kitchens and bathrooms, as well as fitted bedroom furniture.

It employs around 2,000 people and in 2023 made a pre-tax profit of £15m on turnover of £340m.

Chief executive William Barnett said: ”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.”

The current beneficial owners of the Symphony Group, Doug Gregory and his family, will retain a significant share in the business and be represented at board level.

Meanwhile one of Northern Ireland’s largest construction companies, Gilbert-Ash, is effectively being taken over by its employees.

The business is being restructured as an employee ownership trust (EOT).

EOTs are a UK government initiative aimed at promoting employee ownership by giving business owners the opportunity to sell their shares to an employee owned trust free from capital gains tax.

Gilbert-Ash managing director Ray Hutchinson said: “We are confident that the transition to an EOT is firmly in the best interests of our people, the future success of our business and retains our roots as an employee-owned company.

“As an employee-owned company we have seen the benefits of improved loyalty, productivity and innovation from our people, and we believe moving to an EOT will enhance these values even more.”