North East flooring firm Connection Retail is looking to substantially increase its High Street presence after receiving 拢5m investment from a Yorskhire-based growth company.
The County Durham business founded in 2012 by chief executive Dan Foskett and chief operating oficer Michael Roy with support from flooring industry veteran Jason Maguire. It provides a range of flooring options through its Flooring Superstore, Direct Wood Flooring, and Grass Direct brands.
Trading via e-commerce and retail stores across the 海角视频, the Shildon-based business has grown rapidly in the past eight years. Turnover has increased to more than 拢30m, with 17 stores and 200 staff.
But following the multi-million pound funding from Growth Partner - the investment firm of HomeServe Plc founder and CEO Richard Harpin - the flooring company is looking to built its national footprint to 100 stores across the 海角视频.
Mr Foskett - who was last year shortlisted as Durham and Sunderland business executive of the year - said: 鈥漌hen Growth Partner first approached us we weren鈥檛 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.
鈥淥ur 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.鈥
Growth Partner investment director Alex Marsh said: 鈥淚n 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.
鈥淒an 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鈥檒l be drawing upon Richard Harpin鈥檚 strategic insight to further accelerate growth. Growth Partner is delighted to be backing such a talented and ambitious entrepreneurial team.
鈥淒an 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鈥檒l be drawing upon Richard Harpin鈥檚 strategic insight to further accelerate growth.鈥
The investment in Connection Retail is Growth Partner鈥檚 second deal in County Durham. In 2015 the group invested in Crafter鈥檚 Companion, run by entrepreneur and Dragons鈥 Den star Sara Davies.
Experienced flooring entrepreneur Glen Toomes has invested alongside Growth Partner and joins the business as chairman, with Mr Marsh also joining the board as non-executive director.
