A WIGAN business phenomenon founded in a back bedroom just 12 years ago has announced a massive jobs boost after winning a huge growth deal.
Pier-based Better Bathrooms will create up to 500 new sales and logistical positions nationwide after a £10m investment from the Business Growth Fund.
It means that Government’s project will take a minority stake in the company.
The investment will help the firm accelerate its growth by exploring alternative suppliers, expanding into new markets and potentially opening up the prospect of major export business overseas.
And it caps a hugely successful year for multi-award-winning entrepreneur MD Colin Stevens who founded the company in 2000 as a bathroom accessory business based in his bedroom and operating from a single laptop.
Under the investment package Paul Gilbert, a former financial director of Skelmersdale-based clothing giant Matalan, will become new non-executive chairman.
Mr Stevens believes the deal will now set the company of the path for a target £200m turnover in the near future.
He said: “I’m thrilled to have BGF come on board with Better Bathrooms.
“For me, BGF were the ideal partner as we share the same values, with company growth and the creation of jobs being of paramount importance.
“I believe that with BGF’s investment and expertise, we will be able to take the company to the next level, expanding our factories and product lines.” and ultimately hit our future growth target of £200m.”
Last year the company posted revenues of £32m and has a target of £40m in the current financial year.
Investment director at BGF’s Manchester team David Colclough said: “The growth that this company has demonstrated over the last 12 years has been outstanding.
“But Colin, who is an extremely passionate and driven entrepreneur, is keen to do it on a much bigger scale.
“This is where BGF comes in and it is a great example of how growth capital can really help a business with ambitions to expand.
“This investment also shows how we can flexibly structure the financial arrangements such that we best meet the needs of the shareholders.”
This is the sixth business in the north of England to be backed by BGF, the Government fund designed to support fast-growing UK businesses that need long-term capital to drive their success
It brings the total invested in the region to almost £30m.