It was started by a chemist, John Farrow, and an engineer, Richard Ball, after they met in a clay pit 75 years ago and has now been sold for a reported half a billion pounds.

Upmarket paint and wallpaper company Farrow & Ball is being acquired by Danish coatings manufacturer Hempel.

The company, based on the Uddens Trading Estate near Wimborne, has been owned by Los Angeles-based private equity firm Ares since 2014.

The transaction is subject to regulatory approval and is expected to complete in the second half of this year.

In a statement Lars Petersson, Hempel Group President & CEO, pictured left, said: “Farrow & Ball is an iconic, luxury, decorative paint and wallpaper company.

“It is used by consumers, designers and cultural institutions around the world – all who have a passion for rich colours in an eco-friendly paint.

“I am very proud to welcome our new colleagues to the Hempel family.

“Together we will ensure that Farrow & Ball continues its strong growth journey.”

No figure has been disclosed for the acquisition but, according to the Financial Times, “the deal values Farrow & Ball at almost £500m, according to people familiar with the matter.”

The FT also quotes Mr Petersson as confirming Farrow & Ball will continue to manufacture all its paint in the UK as it was “a key part in the brand.”

Latest accounts filed by Farrow & Ball Limited with Companies House show the company made a pre-tax profit of £19.8m on a turnover of £76.57m in the 52 weeks to March 29, 2020.

As at that date the company employed 550 people worldwide, the bulk in sales and distribution (356) with 79 in production and the remaining 115 in administration.

The UK continued to be the largest market for Farrow & Ball, accounting for 69 per cent of sales.

The names of its 132 paints have long been a talking point ranging from Dead Salmon and Drab Salon to Elephant’s Breath, Nancy’s Blushes and Churlish Green.

Dorset features in several of the names including Wimborne White, Purbeck Stone, Dorset Cream and Lulworth Blue.

According to Hempel, the acquisition will help in its quest to double revenue to EUR 3bn by 2025 with Farrow & Ball considered a good strategic match.

The Danish group’s coatings can already be found in almost every country, protecting the world’s buildings, infrastructure and other assets from corrosion.

They range from bridges and boats to power stations and homes.

Mr Petersson said: “I am proud that we have already taken the next step on our journey to double our business.

“The addition of Farrow & Ball to our branded portfolio is another proof point that we are going for leadership positions in key segments and geographies.”

Hempel plans to grow and expand Farrow & Ball globally.

Anthony Davey, Farrow & Ball’s CEO, pictured right, said: “We are looking forward to taking our growth journey to the next level as part of the Hempel Group with whom we share strong sustainability principles.

“As part of the Hempel Group, we have an exciting opportunity to extend our brand in new markets through a strong global distribution network and longstanding trade relationships.”

On a message posted on his LinkedIn account, he added: “Looking forward to the next phase of growth and development for Farrow & Ball, as part of The Hempel Group – a world renowned paint coatings company with extensive expertise in the paint industry and operations in over 100 countries.

“Over the past 6 months I’ve gotten to know this very cool company a little better.

“ The Hempel Group is solely owned by The Hempel Foundation, which is a philanthropic corporate foundation dedicated to supporting good causes worldwide, with a focus on education for children in need.

“Very exciting!”

Farrow & Ball started in Dorset in 1946, with local pioneers John Farrow and Richard Ball.

Mr Farrow was a trained chemist who worked for Ireland’s Agnew Paints during the Second World War, while Mr Ball was an engineer who survived capture as a prisoner of war.

They met at a local clay pit and together shared a passion for making rich colours to original formulations using only the finest ingredients.

The pair built their first factory in Verwood and went on to supply paint for the Ford Motor Company, Raleigh Bicycles, the Admiralty and the War Office.

As the 1960s came to an end, John Farrow and Richard Ball sold their growing business to Norman Chappell.

But soon after, a devastating fire destroyed much of the original factory.

Farrow & Ball then moved to its current home where it has crafted its paint and wallpaper ever since.

The next period of change came in the early 1990s when an advisor on historic interiors, Tom Helme and corporate financier, Martin Ephson took on the company.

Under their leadership Farrow & Ball began to grow, with a focus on restoring heritage properties with colours that were sympathetic to their era.

Key highlights during the decade included:

1994 – appointing its first independent stockist, Paint & Paper, which it still works with today.

1995 – making artisanal wallpapers using traditional block and trough printing methods and real Farrow & Ball paints.

1996 – opening its first flagship showroom on the Fulham Road in Chelsea followed, three years later, by its first overseas showroom in Toronto, quickly followed by Paris and New York.

In January 2010, Farrow & Ball moved its entire range of oil-based paints to eco-friendly water based finishes with low VOC (volatile organic compounds).

It ensures its paint and paper is as kind as possible to the environment by using recyclable paint tins and responsibly sourced wallpapers.

Farrow & Ball now has 60 showrooms worldwide, a global network of stockists and more than a million social media followers but says that, despite its size, it has never forgotten its Dorset roots.