A model from blackbetty.com
Serial entrepreneur Nigel Wray has purchased a stake in online off-price clothes e-tailer blackbetty.com.
BB Group Holdings, which owns blackbetty.com, has announced that serial entrepreneur Nigel Wray has purchased a material stake in the start-up.
Wray has been a long-term investor in Domino’s, Carlton, and other situations, and is currently chairman/owner of Saracens Rugby Club.
He has also previously invested in Franchise Brands, Prestbury, Secure Income Reit, Chapel Down Wines, Apogee, Simba, Hypro and a number of other private companies.
Other investors joining Wray include private equity veteran Mike Henebery, who has taken a significant stake and is joining the board as chief financial officer.
Another major shareholder is Network 360 Limited, Europe’s leading overstock apparel wholesaler, which will supply BlackBetty with end-of-line stock from a range of well-known brands through its warehouses in Warsaw and Barcelona.
A pre-IPO funding round will shortly be underway, followed by a planned early-stage IPO later this year. BlackBetty has market-tested its ultra low-price model in the second half of 2017 and now aims to go live in eastern Europe, Germany and France as well as the UK.
BlackBetty CEO Phil Harwood said: “We will do everything we can to make this as successful as some of Nigel’s other investments. We have a number of acquisitions lined up and we hope to make use of Nigel’s long experience to help us get them in the bag.”
Wray added: “I like the fact that BlackBetty’s customer is getting a really good deal. I can’t imagine anyone complaining about £6.95 for a really nice dress. I also like the team – the team is what small company investing is really all about.
“They have done well to get the business this far, and I’m hopeful they will do even better with the funding I am helping to provide.”
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