Capital investor BGF has successfully exited its investment in Furniture Village, following a share buyback by the business.
BGF invested £12m in the retailer across two successive funding rounds in 2014 and 2015. During the partnership, Furniture Village has used the growth capital to increase its store footprint from 40 to 55, and to bolster its logistics, IT and digital infrastructure.
The exit has yielded strong returns on BGF’s original investment and follows a period of consistent, profitable growth for Furniture Village.
Aside from a substantial holding by the company’s employee benefit trust, the Harrison family is now the sole shareholder of the business.
Chief executive Peter Harrison says: “It has always been a lifelong ambition that the business would be wholly owned by the family. We have now realised that dream thanks to our fantastic people and our principle partners who have all contributed to our journey – my original business partner David Imrie, Peter Grant of Cadogan Estates, Jane Vinson at BGF and Jim Hodkinson, our longstanding chairman.
“[Son] Charlie and I have a very strong vision for where we would like to take the business next. It is based on a highly collaborative and loyal relationship with our people, excellence in customer service and always being able to offer the highest-quality product at good-value prices to our customers nationwide.”
Charlie Harrison, commercial director of Furniture Village, adds: “In recognition of our team, their strength and success, Furniture Village has also decided to introduce an Employee Benefit Family Partnership, which will be a means of sharing the results of great performance with everyone in our special business.”
The news comes ahead of the opening of the retailer's 55th UK store in Colchester on Boxing Day (see related).
