Middletons, the accessible furniture and lifestyle specialists, plan to open new stores in Cardiff, Swansea and Wrexham following a £3.8m equity co-investment from the Development Bank of Wales and clients of Bristol-based Wealth Club Limited.
Founded in 2013 by friends Ricky Towler and Thomas Powell, the company stocks high quality accessible furniture and scooters, focusing on providing a personalised service.
Managing director Ricky said: “I was working in the sector and saw that there was an opportunity to improve the product experience for customers. I spoke to my long term friend Tom and he agreed. We started the business by traveling around the country with stock to show potential customers. These are important purchases for people who are often elderly or infirm and we wanted to make sure we could help them get the right product. To do that people need to be able to test it out, ride a scooter, find what is comfortable and works for them. Tom and I soon moved into bricks and mortar stores – which our customers really love.
“This investment from the development bank and Wealth Club will allow us to grow quickly over the next five years, offering our products and service to an even bigger customer base.”
Deputy fund manager at the Development Bank of Wales, Bethan Cousins, said: “Meeting Ricky and Tom we knew this was an exciting equity opportunity. Their passion for customer care and their vision for the business really impressed us.
“Our capital provides certainty for the company to rapidly expand their retail network to 22 stores – making Middletons a significant market player over the next two to three years.”
“The deal is the first where the development bank has invested with Wealth Club. We’re constantly looking to expand our co-investor network and we look forward to working with Wealth Club in the future.”
Alex Davies, chief executive of Wealth Club commented: “As soon as I saw this opportunity I liked it. The idea is great, the competition is fragmented and it operates in a market which due to demographics, come rain or shine, should grow. Ricky and Tom have done a superb job in getting the business to where it is and I have every confidence in them to take it to the next level. We look forward to working with the Development Bank of Wales on future deals.”
Our BQ Bulletin emails will land in your inbox at 7.30am, Monday to Friday, with a mix of the latest local business news, national news, and features to inspire you. Sign up here!
Click here to read our privacy statement