Multi-million pound investment for outdoor furniture producer
Akula Living, a marine-grade outdoor furniture manufacturer to some of world’s largest hospitality and cruise operators, has attracted a multi-million pound investment from growth capital investor BGF.
Founded by CEO Tim Appleton in 2009, Wetherby-based Akula Living has international offices in Hong Kong, Dubai and the USA and reached revenues of £22m in the year to 30 September 2023.
With 95% of sales to overseas markets, the company gained the 2023 King’s Award for Enterprise in International Trade.
Appleton said: “We’ve achieved strong growth to date but wanted to partner with an investor who could help us to supercharge our ambitions.
“When you combine our experience, originating from a nearly 100-year legacy of textile manufacturing, with BGF’s expertise and track record of scaling businesses, we’re a force to be reckoned with.
“This latest investment will not only enhance the company’s market position but also contribute significantly to the broader economy.”
The partnership was led by Chris Boyes and James Baker, investors in BGF’s Yorkshire team, with BGF portfolio director Becky Odam joining Akula’s board on completion.
Andy Dunkley has been named non-executive chair, having been introduced by BGF’s Talent Network – one of the UK & Ireland’s largest groups of board-level non-executives.
Boyes said: “Akula is a fantastic company, which has demonstrated excellent growth, partnering with some of the world’s most recognisable brands in the hotel and cruise industries.
“We’ve been hugely impressed by Tim and the team and look forward to working together to achieve our global ambitions for the business.”
TLP managing partner Paul Land, advisor to Akula, added: “Akula is a true Yorkshire success story, the growth of the business has been remarkable and it has been a pleasure to deliver an exceptional result for Tim and the Akula team.
“It has been hugely exciting and rewarding to work with Akula; they have created a really special business; a culture underpinned by technical excellence, innovation and exceptional customer service to an array of large blue chip global companies.
“BGF will be a fantastic partner and I have no doubt they will go on to achieve even greater things.”
Advisors to BGF: Legal; Gordons (James Fawcett, Lisa Murphy, Matt Watson). Tax; The Tax Advisory Partnership (Russ Cahill, Toyan Williams).
Advisors to Akula Living: Corporate Finance; Paul Land, TLP. Legal, Freeths (Dahren Naidoo, Bradley Adams).
