Shuropody receives investment of £3m from Business Growth Fund
Midlands-based footcare provider will use funds for national expansion
Specialist footcare provider Shuropody has received £3 million of growth capital from bank-backed private equity group Business Growth Capital (BGF), marking BGF’s third investment in Midlands based business to date.
The funds will be used by the firm to expand upon its current garden centre-based sites as well as the establishment of new branches across the region, generating an estimated 200 jobs over the next three years. Founded in 2007 by former CEO of R Griggs Group Frank Duffy, Shuropody grew rapidly following its purchase of 43 stores from Boots in 2008 and has now grown to 63 standalone stores and concessions across the Midlands. The specialist footwear and podiatry firm delivered sales of £15.8 million last year, and expects this figure to double over the next three years. Frank Duffy, Managing Director of Shuropody, commented on the deal: “Our business has continued to evolve over the last five years as we have positioned the company for future growth. BGF was able to provide us with an attractive funding structure that we needed in order to realise the growth opportunities that we wish to secure. We have a unique model and BGF’s involvement will assist in accelerating Shuropody’s profile nationally. BGF will provide us with expertise and high level contacts; they will have representation on our board and will help us to further strengthen our organisation. The BGF team has a strong track record of working with companies and helping them with the challenges associated with growth and we are very much looking forward to partnering with them.”