Oliver Sweeney receives investment from Business Growth Fund
Mens footwear and fashion brand Oliver Sweeney has received an investment of £3.75 million of growth capital from the Business Growth Fund.
Manufacturing and selling shoes, clothing and accessories, Oliver Sweeney operates six standalone stores in the UK including four in central London and one each in Manchester and Leeds.
The company said the funding from BGF, which has taken a minority stake in the business, will provide a significant boost and will enable it to invest in a new marketing strategy and the introduction of licensing as a principal channel.
Oliver Sweeney was founded in 1989 and was bought by its current owners Maurice Helfgott and Amery Capital in 2009. A former board director of Mark & Spencer, Helfgott is chairman of Amery Capital and currently sits on the board of Moss Bros.
Helfgott said: “Over the past three years, Oliver Sweeney has developed rapidly and sustainably, quickly reaching the critical juncture in its development at which it now finds itself.
“There is now a great opportunity to build our brand, product and reputation, especially internationally, from its current base of obsessive customers. Men are ever more interested in shoes, style and individuality. The investment from BGF is perfectly timed to transform the business into the next British menswear success story.”
BGF investment director Alistair Brew has joined the Oliver Sweeney board as non-executive director while Adam Leigh, who successfully led and sold The Communications Agency, has joined as independent non-executive director.
Brew said: “Very thorough due diligence has been exercised throughout this investment, and we are keen to grow Oliver Sweeney’s profitability by introducing Licensing and then implementing a decisive shift in channel mix. We can support companies like this; by providing a financial boost and strengthening the balance sheet to realise strategic opportunities.”
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