Further Key backing for Fly53
Who?
Private equity house Key Capital Partners.
Did what?
Has invested a further £1m into portfolio company Fly53.
What does this mean?
KCP originally backed the £3.6m buy-in management buy-out (BIMBO) of the Worcester-based street fashion business in March 2009. Since then the company has increased online sales revenues by 200 per cent. It will now focus on growing its overseas sales and further developing its online offering. Mike Fell, partner at Key Capital Partners and non-executive director at Fly53, said: “The business has made significant strides in its strategy to broaden its wholesale presence while developing its online and retail concessions offerings.”
Insider comment:
The partnership seems to be working, with the figures looking good for Fly53 and four more concession outlets in House of Fraser opened in the last two months. It also retails in Scotts, with big plans to make more of its e-commerce channels through this additional investment.
It’s heart-warming to see small businesses getting good backing, and proves that there is still money out there when companies have a solid idea and the ability to make money.
Will Rigg, founder of Fly53, said: “It has been an incredible year for the team since the buyout. The brand has gained substantial traction in both the high street concession and online retail markets, and the response to our autumn/winter collection would suggest that we are about to experience the busiest season in our history.”
