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Better Bathrooms receives 10m boost from Business Growth Fund

Retailer Better Bathrooms plans to create 500 new jobs across the UK after securing a £10m investment from the Business Growth Fund.

Leigh-based Better Bathrooms says it will create the jobs over the next five years.

The Fund will take a minority stake in the company and has introduced Paul Gilbert, non-executive chairman of The Gym Group and former financial director of Matalan as a new non-executive chairman.

The investment will help Better accelerate its growth by exploring alternative suppliers, expanding into new markets and potentially overseas.

Founder Colin Stevens said: “I’m thrilled to have BGF come on board with Better Bathrooms. For me, BGF were the ideal partner as we share the same values, with company growth and the creation of jobs being of paramount importance.

“I believe that with BGF’s investment and expertise, we will be able to take the company to the next level, expanding our factories and product lines, and ultimately hit our future growth target of £200m.”

Last year the company posted revenues of £32m, with a target of £40m in the current period.

David Colclough, investment director at BGF’s Manchester team, said: “The growth that this company has demonstrated over the last twelve years has been outstanding.

“But Colin, who is an extremely passionate and driven entrepreneur, is keen to do it on a much bigger scale.

“This is where BGF comes in and it is a great example of how growth capital can really help a business with ambitions to expand.

“This investment also shows how we can flexibly structure the financial arrangements such that we best meet the needs of the shareholders.”

This is the sixth business in the north of England to be backed by BGF, the government fund designed to support fast-growing UK businesses that need long-term capital to drive their success, and brings the total invested in the region to almost £30m.

BGF has invested a total of £140m in growing businesses across the UK.

John Boydell, corporate partner at north west law firm Brabners advised Better Bathrooms on the investment deal.

He said: “We are delighted to have played our part in securing the transaction. This investment will allow the business to develop its dynamic growth plan and continue the increase of its market share within the UK and internationally.”

Source : James Ferguson - Manchester Evening News

08 July 2013

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