Northumberland furniture firm Bazaar Group is gearing up for growth after completing a multimillion-pound deal with investors.
Cramlington’s Bazaar Group, which specialises in the manufacture and sale of bean bags, has secured investment from Leeds based Comhar Capital, as part of a £10m deal to support its international growth plans.
Comhar Capital has acquired a majority share in the business as part of the deal, which will support Bazaar Group’s future market development, including the exploration of new ecommerce platforms in the 海角视频 and Europe after seeing a growing online audience.
Bazaar Group, which has 51 employees, was established in 2005 by Jayne and Mark Dolder, who will retain a significant stake in the business.
The Bazaar Group has grown steadily over the past 15 years and is expecting revenues to reach around £15m in 2021, thanks to being a top performer on the likes of Amazon, eBay and Wayfair, alongside its own online channel which showcases its bean bag range.
Mr Dolder, CEO of the Bazaar Group, said: “Jayne and I are very proud of what we and the rest of the team have achieved with Bazaar Group but there was always a time when direct external support was going to be required.
“We’re delighted to be partnering with Comhar Capital who share our vision and philosophy. Comhar’s hands-on approach and focus on supporting teams and people is very much in line with the way we think.”
Craig Wilkinson, managing director at Comhar, said: “The Bazaar Group is an ecommerce retail treasure and one that continues, during a time of worldwide disruption, to meet and surpass its own targets.
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“Mark and Jayne’s approach to business is inspirational and we’re really looking forward to working with them and the team to support Bazaar Group through the next stage of its journey.”
This is the fifth investment from Leeds-based Comhar, which was established during 2018 by Neil Armstrong and Craig Wilkinson, who will both join the board of the Bazaar Group.
The company, pronounced ‘core’ and named after the Gaelic word for partnership, has been established as an independent, capital investment business targeting SMEs run by forward-thinking, growth orientated managers.
Bazaar Group had support for the transaction provided by Cavu Corporate Finance and Ward Hadaway, while Comhar was advised by Rycroft Glenton and RPC.