Saturday, August 15, 2015

8 Million Capital Investment : Furniture business UK

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By Delanna Hudson
Luxury furniture group Canburg, owner of Smallbone of Devizes and Mark Wilkinson Furniture, has announced an £8m fund raise from the Business Growth Fund (BGF) in return for a minority equity stake.
Established in 2009 by Lee Caplan, Canburg was created to purchase fitted furniture specialists Smallbone and Mark Wilkinson Furniture with Caplan committing over £10m to help enable the two businesses to return to profitability.
Speaking of the Export Hub, Liz Basing, Regional Trade Director for the East of England said, "This is a really welcomed initiative and shows that FIRA recognises just how important export opportunities are to its membership nationally.  The UK exported a billion pounds' worth of furniture last year, up by 18% on the previous 12 months.  A partnership like this, combining UKTI's export knowledge and FIRA's experience of the sector and ability to reach its members, looks set to be an extremely valuable resource for this industry and an example of leading practice that should encourage others."
BGF, the UK's leading growth capital investor backed by five of the UK's major banking groups – Barclays, HSBC, Lloyds, RBS and Standard Chartered - has a strong track record of providing British manufacturing businesses with the support they need to thrive. BGF was established in 2011 as an independent company with up to £2.5bn to invest and a mandate to support the growth of British smaller and mid-sized businesses. BGF's commitment of capital and wider support will enable Canburg to further expand its domestic and international reach and will support Leo Caplan's ambitions to create a global luxury group.

According to a statement from the furniture business, it is positioned at the top end of the volume market and is the largest retailer of 'leading brands'.
Simon comments, 'This represents an exciting opportunity to BGF to back a well-known British brand with a strong heritage and track record of profitability.

'We are supporting a clear growth strategy based on selective store roll-out and investment in new software. This in turn will improve the operational efficiencies of the business and increase the focus on e-commerce.'

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