Acquisitions come online for Buy It Direct

ONLINE retailer Buy It Direct is planning acquisitions and is eyeing up venture capital investment as it looks to grow in areas such as nursery products.

Founder and managing director Nick Glynne told TheBusinessDesk.com that the Huddersfield-based business was cash rich and ready for expansion.

And Mr Glynne believes areas such as the company’s Bambino Direct arm present major opportunities despite the general gloom on the retail high street.

Established in 2000, Buy It Direct has grown to boast annual turnover of £80m and 135 staff, the majority of whom are based at the company’s distribution base in West Yorkshire.

It sells laptops, TVs and kitchen appliances under its own brands such as LaptopsDirect and AppliancesDirect.co.uk.

The retailer also runs white label websites for department store groups Debenhams and Bhs.

Mr Glynne said the company had zero borrowings and that up until now any profits had been reinvested back into the business.

He said although electrical and white goods were still big sellers, profit margins on the items wer tight because of the consumer squeeze so new lines were being accessed.

To aid the company’s growth, Buy It Direct has recruited former Sainsbury’s and Asda buyer Kate Briggs to head up nursery products retailer Bambino Direct.

Mr Glynne said: “We’re going to have to talk to venture capitalists at the back end of this year. I’ve been ploughing the profits back in but there is only so far organic growth can get you. We’ve got to be far more strategic with the way we grow.”

Ms Briggs said: “Bambino Direct has massive potential and I’m looking forward to growing the business.”

Mr Glynne added: “Kate brings a wealth of experience and knowledge here from years working with some of the biggest brands in the country.

“We have huge ambitions for the company and I believe Kate will help us become one of the largest independent nursery retailers in the UK.”