Monsoon founder takes stake in Loaf
Monsoon and Accessorize founder Peter Simon has taken a significant minority stake in online furniture retailer Loaf.
Founded in 2008 by entrepreneur Charlie Marshall, Loaf has seen its annual sales rise by an average of 81% over the last three years and plans to grow its turnover from £20 million to £100 million during the next few years.
Loaf said it had been looking for a suitable partner to help with the expansion for some time. Marshall said: "Peter shares our values and approach to business. With forty years’ experience of growing two of Britain’s most successful retail names, his guidance and advice will help ensure we achieve our goals of filling the gap in the UK market for laid-back furniture and becoming a household name."
Loaf added that the planned expansion means that its 40-strong team is set to grow to 60 in the next few months. Other plans include the launch of retail destinations called ‘Loaf Shacks’ which will run alongside the online offering.
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