Online retailer Buy It Direct is considering raising new money next year to fund further growth.
The retailer last week drafted in former Comet services director Toby Lousada as non-executive chairman to help improve corporate disciplines at the entrepreneurial business as it expands.
Buy It Direct was launched in 2000 by Nick Glynne and has annual sales of £100m. As well as its own websites, such as Laptopsdirect.co.uk and DirectTVs.co.uk, the retailer runs white label sites for Bhs and Debenhams. It has been pushing into new, higher-margin categories, such as nursery goods, which it sells through Bambinodirect.co.uk.
Glynne said there were growth opportunities outside electricals – he hopes to make an acquisition in a new category soon – but he also wants to improve corporate processes, which Lousada will help with. Glynne said: “We’re becoming an online retailer rather than a discount etailer. We’ve made money on electricals, which have appalling margins, and have a really good back office system.
“I’ll need to look for funding and having Toby adds credibility. We’ve been through chaos to get growth.”
Lousada left Comet, where he was services director and had previously held operations and commercial roles, at the start of this year.
Nick Glynne features in My retail life.