Member Article

Luxury fireplace manufacturer targets £30m turnover after BGF investment

Chesney’s, the London-based luxury fireplace and wood burning stove manufacturer, has sealed further investment from the Business Growth Fund (BGF) ahead of a planned expansion in its product range and further inroads into international markets.

The business, which has been operating since 1985, is set to launch its own BBQ and outdoor heating range later in the year, and has received an undisclosed amount of growth funding from BGF to help its product roll-out.

Starting life as an antique fireplace dealership under the stewardship of Chief Executive Officer, Paul Chesney, the company expanded its business to incorporate the design and manufacture of period fireplaces, and now has manufacturing facilities in London, New York, Portugal and China.

Commenting on the new funding, Chesney said: “The business is in a strong position and there are clear opportunities for growth. BGF’s cash injection will allow us to pursue those opportunities at a faster pace than we would otherwise have been able to.

“Moreover, we now have a non-controlling but long-term funding partner and feel very positive about the role our non-executive directors will play.”

The firm is now targeting £30m turnover this year, underlined by strong growth from its Manhattan showrooms and its network of 200 independent retailers across the Middle East, Europe, the Far East and America.

In addition to BGF’s investment, Chesney’s has also welcomed CP Hart co-owner Richard Reynolds as Chairman of its board, whose experience in the luxury homewares market will help steer the business through continued overseas expansion.

BGF investor, Alistair Brew, who will also join the fireplace manufacturers board said: “Chesney’s focus on heritage, craftsmanship, design and engineering has created an impressive product portfolio that has underpinned strong growth to date.

“There is now very significant potential to scale up, and we are delighted to be supporting Paul and his team as they embark on the next phase of growth. The funding raised from BGF will enable Chesney’s to roll out its showrooms and pursue further growth overseas.”

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