Tapi Carpets has secured £16m in new investment and set out its ambitions to become profitable within 18 months.
Lord Harris, who founded rival Carpetright before starting Tapi with his son Martin five years ago, is among the existing shareholders inject cash into the business.
Will Barker, who runs US investment firm Camelot Capital Partners, is understood to have stumped up the majority of the new investment. Barker has also replaced Sir Harry Djanogly as Tapi’s chair.
His appointment, and that of former Eve Sleep boss James Sturrock as Tapi’s new chief executive, come as the business targets its first full-year profit in the intense rivalry with Carpetright.
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