Investor acquires majority stake in furniture maker
Leeds-based Comhar Capital has pumped a £10m investment into Bazaar Group, a furniture manufacturer and ecommerce retailer to support its international growth plans.
Through the investment Comhar Capital has acquired a majority share in the business.
The funding will support Bazaar Group’s future market development which is focused on international expansion, particularly new ecommerce platforms in the UK and Europe in order to address a growing online consumer audience.
Bazaar Group was established in 2005. The company, which is based in Cramlington, Northumberland, has grown to become a soft seating category leader under the guidance of Jayne and Mark Dolder, who will both retain a significant stake in the business.
The company is expecting revenues approaching £15m in 2021. It has focused on combining in-house design and manufacturing with a fulfilment and customer service operation and currently employs 51 people across a range of disciplines.
Craig Wilkinson, managing director at Comhar, said: “The Bazaar Group is an ecommerce retail treasure and one that continues, during a time of worldwide disruption, to meet and surpass its own targets.
“Mark and Jayne’s approach to business is inspirational and we’re really looking forward to working with them and the team to support Bazaar Group through the next stage of its journey.”
This is the fifth investment from Comhar, which was established during 2018 by Neil Armstrong and Craig Wilkinson.
The company, named after the Gaelic word for ‘partnership’, has been established as an independent direct capital investment business targeting SMEs run by forward-thinking, growth orientated managers.
Both Armstrong and Wilkinson will join the Board of the Bazaar Group.
Mark Dolder, CEO of the Bazaar Group, said: “Jayne and I are very proud of what we and the rest of the team have achieved with Bazaar Group but there was always a time when direct external support was going to be required.
“We’re delighted to be partnering with Comhar Capital who share our vision and philosophy.
“Comhar’s hands-on approach and focus on supporting teams and people is very much in line with the way we think.”
Vendor advisory support for the transaction was provided by Cavu Corporate Finance (Shawn Bone, Sahil Nayyar, Thomas Brunsnes) and Ward Hadaway (Katherine Hay-Heddle, Clare French).
Shawn Bone, managing director at Cavu Corporate Finance, said: “Bazaar Group is a fantastic North East success story and Cavu Corporate Finance was delighted to act for the founders, Mark and Jayne, in what is an important milestone for them personally and the business.”
Investor advisory support for the transaction was provided by Rycroft Glenton (Grahame Maughan, Andrew Cameron) and RPC (Jeremy Cunningham, Ella Shanks).
