Bowdon invests in male grooming business
BOWDON Investment Group is turning business angel to help a male grooming company expand nationwide.
The fast-growing North West acquisitive company, which is in the midst of a buy and build strategy, has taken a minority stake in Hedz International, which currently operates a salon in Timperley, near Altrincham and two others in south Manchester.
Hedz International, which is popular among a number of leading sportsmen including Sale Sharks star Charlie Hodgson, plans to franchise 100 salons over the next four years, opening at a rate of 25 a year.
It aims to tap in to a growing market for male grooming, which last year stood at £680m, and has been growing at around 6% a year.
Hedz, which specialises in Turkish razor wet shaves, was launched in 2001 by colleagues David Savage and Nihat Yenturk.
Saul Loggenberg, director of Bowdon Investments said: “Hedz International is a great business, which is scaleable, and we’ve taken a stake and are helping them to professionalise themselves and franchise. It’ll be a £20m revenue business when the roll-out is done.
“We’ve been working with the guys for about nine months and have seen that they are working in a growing market place, which is moving away from short back and sides to skin treatments and massages.”
Mr Loggenberg, 33, said Bowdon, which owns a cosmetics manufacturing business, would develop a branded product range for Hedz.
“This is a five-year play for us, it’s our first minority investment. It is a nice business with good ideas, but one that the banks won’t touch. I’m very excited about it.”
Mr Savage said: “We’re pleased to be working with Saul, who as a customer, knows what we’re about. We want to follow a similar path as some of the women’s salons like Toni & Guy and Saks by rolling out a well-supported franchise model.
“The expansion plan has been driven by what our customers want – many have said they wished we were in other locations – because they like our service and would like a similar standard elsewhere.”
