Peter Harrison, Furniture Village co-founder has completed ‘a lifetime ambition’ by securing family ownership of the chain.
Outside what was described as ‘a substantial holding’ by the company’s employee benefit trust, Harrison and his son Charlie, the group’s commercial director, they are now the sole shareholders of the business, 33 years after it was founded.
Former shareholder, BGF supplied the retailer with £12m of investment in 2014 and 2015 and ‘a strong period of profitable growth’ has enabled it to buy out the investment fund.
‘It has always been a lifelong ambition that the business would be wholly owned by the family. We have now realised that dream thanks to our fantastic people and our principal partners who have all contributed to our journey: my original business partner David Imrie; Peter Grant of Cadogan Estates; Jane Vinson at BGF and Jim Hodkinson, our longstanding chairman. Charlie and I have a very strong vision for where we would like to take the business next. It is based on a highly collaborative and loyal relationship with our people, excellence in customer service and always being able to offer the highest quality product at good value prices to our customers nationwide,’ says Peter Harrison.
‘Over the past eight years we have supported the business with its acquisitive growth strategy providing the financial and strategic support needed to roll-out new sites, invest in new technologies and scale its ecommerce platform. During BGF’s investment hold period, the company has experienced significant growth and this deal marks an exciting next step for the company. We wish Peter Harrison and the entire team all the best for the future,’ says Jane Vinson, BGF head of portfolio, south.
‘In recognition of our team, their strength and success, Furniture Village has also decided to introduce an employee benefit family partnership which will be a means of sharing the results of great performance with everyone in our business,’ says Charlie Harrison.
The chain’s 55th store is due to open at Colchester on Boxing day.
