Monsoon and Accessorize founder Peter Simon has taken a significant minority stake in furniture retailer Loaf for an undisclosed sum.

Fast growing retailer Loaf plans to grow sales from £20m to £100m over the next few years with the help of Simon.

Loaf founder Charlie Marshall said: “Peter shares our values and approach to business. With forty years’ experience of growing two of Britain’s most successful retail names, his guidance and advice will help ensure we achieve our goals of filling the gap in the UK market for laid-back furniture and becoming a household name.”

The etailer plans to open retail destinations called ‘Loaf Shacks’ to complement its online offer.

Loaf, which was founded in 2008, has had an average annual sales growth of 81% over the last three years. Marshall said the retailer’s success is down to responding to consumers’ demand for “distinctive-looking and characterful furniture which doesn’t burn a hole in the pocket”.

Loaf started as a bed retailer but expanded into sofas and kitchen tables in 2012. It plans to add kitchen accessories and storage, console tables and home office furniture to its offer.