£5 million Dwell deal greenlights expansion
03 September 2010 09:27
Furniture chain Dwell has set out a 33-store expansion plan after securing a £5 million investment from a private equity firm. Key Capital Partner's investment follows a number of senior managerial appointments over the past year, joining founder and managing director Aamir Ahmad.
He said: "This capital injection from KCP represents the next milestone in Dwell's development, having strengthened the management team last year in anticipation of both this investment and our aggressive four-year growth strategy.
"KCP will prove to be a key strategic partner as we look to boost brand awareness and expand the business, beginning with five new stores in the UK in 2011.
"While consumer spending has been negatively impacted by the downturn, our market has remained reasonably robust, standing at £17 billion in 2009 and forecasted to grow to £18.8 billion in 2015."
Dwell currently has 19 stores across the UK and concessions in leading department stores and will open five new shops next year. The cash injection has led the company to plan for a portfolio of 52 outlets by 2014.
To oversee these plans, Neil McCausland has been appointed chairman, with Simon Tutt as finance director.
Dwell was originally founded as a mail order furniture business in 2003 by Aamir Ahmad. From a single store, the company has grown into one of the UK's most fashionable furniture retailers.
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