Foresight invests £4.0 million into fast growing ecommerce business FFX Ltd

Press Release 
 
Foresight Group ("Foresight”) has invested £4.0 million to support growth of Folkestone Fixings Limited ("FFX”) with funds from Foresight VCT, Foresight 2 VCT and Foresight 4 VCT. 
 
To read or print out this announcement from a pdf click here 
 
FFX is a multi-­-channel supplier of high quality hand tools, power tools and accessories, fixings, fasteners and general building products. Headquartered in Folkestone, FFX supplies contractors, building firms and the DIY sector. Initially founded as a traditional ‘bricks and mortar’ supplier at its Folkestone site, FFX launched its ecommerce channel in 2009 and has since grown rapidly. 
 
Experienced sector entrepreneurs Patrick Ker and Tim Horrell have also invested and joined the business in executive positions and will work alongside the incumbent management team to drive growth. George Adams is joining the company as Chairman. Adams has held multiple senior positions in the building products sector, including the Chairmanship of Screwfix while at Kingfisher plc..  
 
The investment follows a period of strong growth for the business, which has doubled revenues in the last three years.  The experienced management team are looking to continue the growth through introduction of new product ranges, improved marketing and expansion into a new 60,000 sq ft distribution centre.  
 
James Livingston, Director, Foresight Group, commented: 
 
"We are excited to invest in FFX alongside the experienced and entrepreneurial management team. The business has a strong market position and has delivered rapid growth. We look forward to working with management to further expand and diversify the business.” 
 
Tim Horrell, Present Executive Chairman, Folkestone Fixings Limited, commented: 
 
"Once we’d been approached by FFX we knew this was the right platform, so it was a matter of making sure the deal happened. Working with Foresight was very straightforward; it was a pleasure negotiating with sensible, pragmatic backers. We are very excited by the potential of this fast-­-growing business.”
 
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For more information contact Annabel Arrowsmith, Marketing Manager, Foresight Group. aarrowsmith@foresightgroup.eu /02036678179 

Advisers on the deal included: 
 
Recruitment of Chairman -­- Portfolio Search 
Financial Due Diligence -­- WK Corporate Finance 
Corporate Finance advisors – Meta Corporate Finance 
Legal Due Diligence -­- RW Blears 
Commercial Due Diligence -­- Neovian Partners 
Operational Due Diligence -­- Cappco Partners 
Management Due Diligence -­- Catalysis Partners 
 
About Foresight Group LLP ("Foresight”): 
 
Foresight  Group  is  a  leading  independent  infrastructure  and  private  equity  investment  manager which has been managing investment funds on behalf of institutions and retail clients for more than 30 years.  
 
Foresight  has  over  £1.5  billion  of  Assets  Under  Management  across  a  number  of  funds, including  Listed  Vehicles,  Limited  Partnerships,  Enterprise  Investment  Schemes  (EISs)  and Venture  Capital Trusts (VCTs). 
 
Foresight’s Private Equity team, comprising eleven investment professionals, invests between £1m and £5m in growth capital investments in UK SMEs. 
 
www.foresightgroup.eu