‘English Brand’ set to double in size
The Crew Clothing Company has received over £7.75m of funding from Isis Equity Partners in return for a 25% stake in its business.
The company was founded by Alastair Parker-Swift in 1993 in Salcombe, Devon, and began trading as a single shop.
Crew has expanded considerably since then, and has now 34 sites nationwide and earns £1.8m from a turnover of £13.5m.
The company describes its business as a ‘quintessentially English brand’ for customers who enjoy an active and outdoor lifestyle.
The transaction has allowed Parker-Swift to realise part of his shareholding, as well as enabling members of the management team to become shareholders.
The company now plan to use the funding to double the size of the business, and to reach a far wider audience.
Parker-Swift, said: “I am extremely pleased to be working with Isis as our partner to take the business forward.
“Their pedigree in working with retail brands, particularly in the active wear market, will greatly assist our development as a company.”
Andrew Garside led the investment on behalf of Isis and will now join the company’s board.
Experienced retailer Peter Davies, currently at Clarks Shoes, is also going to join the Crew board as its chairman.
Davies said: “This is a great opportunity with Crew Clothing well positioned in the market and in a strong growth phase.
“The plan to double the size of the estate looks very achievable, we have a strong team in place and with the product going from strength to strength we will be appealing to a wider audience.”
© Crimson Business Ltd. 2006