Multimillion pound investment set to double size of Nottingham firm
Nottingham IT managed services and solutions provider Retail Assist has secured a multi-million pound investment that it says will double the size of the business over the next three years.
The deal sees investment from its original founders, private equity investment manager, Foresight Group, and Royal Bank of Scotland.
Retail Assist provides IT managed services and software solutions to brands such as Harvey Nichols, Karen Millen, ASOS, Oasis, Coast, Warehouse, Vue Cinemas, Pizza Hut and Cath Kidston.
The firm was established in 1999, employs 220 people and has a turnover of £15m.
Mike Quinn, investor director from Foresight Group said: “Our investment into Retail Assist is an exciting opportunity to work with the highly-regarded Retail Assist team and we are looking forward to expanding their service and solution capabilities and adding to their already strong customer base. We have been impressed by their expertise, professionalism and ambitions for growth.”
The firm will be led by the current CEO, Dan Smith, and an operational board plus Quinn. Of the founder members from Retail Assist, Alan Morris and Nigel Illingworth will be retained in the business in a consultancy role, and as part of the investment team with Gary Broughton.
Smith said: “The investment will provide Retail Assist and its employees with a much wider opportunity for growth and progression as it continues to become an even bigger player in the market. At a time when retail and technology are constantly changing the investment brings with it a springboard for growth and the opportunity for expansion, whilst remaining true to the values and approach that Retail Assist engages with its customers.”
Morris added: “After 18 years of trading, Retail Assist has come of age. We are very proud of the success Retail Assist has achieved so far. With the investment backing and the successful foundations already laid, the potential for employees and for the customers it supports is very exciting and will enable Retail Assist to advance its services and solutions even further.”
