Better Bathrooms will generate 100 jobs across the country, after experiencing strong sales growth and receiving £4m in follow-on funding from BGF.
The funding comes after an initial £10m investment from BGF in July 2013. In total, BGF has now invested £14m to support Better Bathrooms, while retaining a minority stake.
Based in head offices in Leigh, with showrooms nationwide, Better Bathrooms is on course to achieve sales in excess of £60m this financial year, up from £31m in 2013 when BGF first invested in the company. With the additional investment, Better Bathrooms aim to achieve sales of £100m by 2018.
The business operates ten retail showrooms across the UK, including the most recent openings in Birmingham, Edinburgh & Cardiff. The Birmingham showroom is now the largest bathroom, tiles and lighting showroom in the UK.
Colin Stevens founded Better Bathrooms in 2001 at the age of 22. Today, the business employs more than 400 people and sells direct to consumers via its showrooms, online and telephone mail order catalogue.
Better Bathrooms also extends its product range to the trade sector, operating a popular Trade Scheme through a loyalty points system.
Colin Stevens, CEO, commented: “These developments mark an important step for the business as we look to add further scale to the business. Our long opening hours of up to 10pm, 7 days a week – and leading service levels with our own fleet dedicated two-man delivery – mean that we continue to take market share from all the major bathroom retail and DIY chains.
“With additional support from BGF funding, we can work towards strengthening our mission statement – to be better on every level.”
Ben Barker, BGF added “Colin has a clear vision for the future growth of Better Bathrooms, and the team has a huge amount of energy for scaling the business. We are happy to be providing the growth capital to support their plans”.