Yorkshire firm invests £5m in North East flooring specialist's expansion
A Yorkshire growth company has invested £5m into a North East floor specialist for its ongoing expansion.
Growth Partner, which invests in entrepreneur-led consumer-focused businesses, granted the funding to Connection Retail, which manages Flooring Superstore, Direct Wood Flooring and Grass Direct.
Since being founded in 2012, Connection Retail has grown its turnover to more than £30m, with 17 stores and 200 employees.
The company plans to open eight more stores by July this year, and the investment from Growth Partner will go towards this expansion.
Connection Retail chief executive, Dan Foskett, commented: “When Growth Partner first approached us we weren’t looking for investment but the more we understood about the way they operate and the level of experience and strategic advice that Richard could bring to the business it soon turned into a very exciting opportunity.
“We’ve already built up a really strong relationship with Alex working through the investment process which has been a very positive experience and we’ve identified lots of great ideas and strategic opportunities to grow the business.
“Our aim has always been to transform the flooring industry and become the market leader. With this investment we are confident we have all the necessary experience and expertise around the table to do exactly that.”
Growth Partner investment director, Alex Marsh added: “In an increasingly challenging retail environment Dan and his team have established an agile operating model, capitalising on the consumer shift towards e-commerce for home improvement products whilst also rolling out a scalable and complimentary retail model.
“Dan and his team have done an outstanding job to grow the business to its current size in such a short space of time and we’ll be drawing upon Richard Harpin’s strategic insight to further accelerate growth.
“Growth Partner is delighted to be backing such a talented and ambitious entrepreneurial team and we’re excited to be working with Dan, Michael, Glen and Jason to build a market leading business.”
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