Swansea-based on-line retailer of youngsters’s licensed clothes and niknaks Character.com has secured a multi-million-pound fairness funding to help its development plans.
Investor BGF, previously generally known as the Enterprise Progress Discovered, has taken a 23% within the enterprise. It represents its sixth funding right into a Welsh agency and follows final week’s announcement of an funding of £14m, for a 31%, stake, into Carmarthenshire sash window producer Victorian Sliders.
Based in 2009 by husband-and-wife group Stephen and Karen Hewitt, Character.com has seen revenues grown from lower than £10m 4 years in the past to extra over £50m to its final monetary 12 months to finish of July.
Over the previous 12 years, it has turn into one of many largest on-line retailers in its market with prospects throughout Europe and North America.
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Co-founder and managing director Mr Hewitt mentioned: “We’re delighted to agree a partnership with BGF. We’ve got grown our enterprise considerably since founding it in 2009, and it was massively essential to us that we discovered a accomplice which might help us to drive the following part of development while sustaining the tradition and model which we love.
” We’ve got discovered this in BGF, and we’re enthusiastic about realising our future plans for the enterprise collectively.
“The retail surroundings is altering fas,t however there are some actually thrilling alternatives on the market for us as a enterprise. “
Edwin Davies led the deal for BGF alongside Hannah Waters and Alex Garfitt. Grant Thornton supplied company finance recommendation to Character.com.
Mr Davies mentioned “It’s a good time to work with an increasing and bold firm like Character.com. We’re delighted to be backing one other nice Welsh enterprise and are wanting ahead to partnering with the group to help the long-term development of the enterprise. Steve and Karen are a very robust group with a transparent plan for the long run and we’re excited to be a part of their journey.”
Grant Thornton company finance director, Jamie Roberts added: “Character.com is a massively spectacular enterprise which has grown at a stellar charge beneath Stephen and Karen’s path. We’re thrilled to have accomplished this deal for the shareholders and are excited to see the following part of the enterprise’ development in partnership with BGF.”
As a part of the funding by BFG Karen Hubbard joins the board of Character.com as non-executive chair.
Ms Hubbard has important expertise in retail by means of her profession at The Card Manufacturing facility, B&M and Asda and is presently Chair at Redu Group and BGF-backed Moteefe.
Her appointment is the results of an introduction from BGF’s Expertise Community, which is the UK’s largest pool of non-executive administrators.
Monetary: Olly Garland.
Tax: Azets – Mark Palser, Richard Goddard.
Authorized: Capital Regulation – Tom Kelleher, Laura Spendiff, Philip Barratt, Catherine Golledge, Chloe Walsh.
Company finance advisory: Grant Thornton – Jamie Roberts, Nick Jones, Anna Davies, Tor Johnson
Authorized: Harrison Clark Rickerbys – Wealthy Wilkey, Rachael Reeves, Nick Lewin, Hannah Maidment.