Furniture retailer Dwell has secured £5m in private equity investment from Key Capital Partners to aid expansion plans.
Dwell plans to launch 33 new high street outlets over the next four years - growing its 19 UK stores to 52 by 2014. Dwell founder and managing director Aamir Ahmad said that five stores will be opened in 2011.
He added: “While consumer spending has been negatively impacted by the downturn, our market has remained reasonably robust, standing at £17 bn in 2009 and forecasted to grow to £18.8 bn in 2015.”
Ahmad said the management team had been strengthened last year in anticipation of both this investment and its aggressive four-year growth strategy. Neil McCausland, current chairman of Kurt Geiger, TJ Hughes and Skin Clinics, was appointed as chairman, while Simon Tutt joined as finance director, having previously held roles at women’s fashion retailer Elvi and furniture retailer Harveys. Robyn Clifford, former head of buying and merchandising for own brand products at luxury department store Harrods, also joined as buying and merchandising director.
Total sales from Dwell’s high street, online and catalogue channels totalled over £25 mn in the year to January 31, 2010.