Dewhurst was a neglected and under-performing division of its parent, Union International, which had fallen into administration. The opportunity arose for Graphite to purchase the business at a low entry cost and divide it into a retail business and a property vehicle.

Dewhurst was a national butchers chain which had fallen upon hard times. The top 200 outlets along with 125 of its freehold properties were acquired from its parent, Union International, which was in receivership. It was an opportunity to re-energise a well-known retail brand at a low entry cost while trading the properties.

The dual company structure allowed Graphite to differentiate the exit timeframes. The return earned within 18 months on the sale of the properties covered the entire investment in the retail chain, therefore capping any downside for investors. Despite a series of scares for the meat industry, a strong management team ensured that the business was able to pull through and remain profitable by cutting costs and reducing the number of outlets.