Foresight successfully completes growth capital investment into Online Poundshop Limited alongside the founder of Poundland

Foresight Group ("Foresight”) is pleased to announce on behalf of the Board of Foresight VCT, the completion of a £1.7m investment into Midlands-based Online Poundshop Limited ("Poundshop.com” or "the Company”) as part of larger growth capital investment of more than £2.0m.
 
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Poundshop.com is a fast-growing, online-only, single price retailer, which sells every-day consumer products at better value than available in high street chains and supermarkets. Focused on serving the growing multi-billion pound online value retail market, Poundshop.com’s disruptive proposition offers consumers the convenience of 24-hour shopping, low cost home delivery and a wide range of products. Poundshop.com sells numerous household brands, including Gillette, Cadbury, Haribo, Fairy, Adidas and Coca-Cola.
 
Founded in 2014 by Chairman, Steve Smith, founder of Poundland, the Company will use the investment from Foresight to upgrade IT infrastructure, expand warehousing capacity and implement its marketing strategy, delivering its value and service led offering to more consumers in the UK and overseas.
 
John Cordrey, Investment Manager, Foresight said: "We are delighted to have completed this growth capital investment into Poundshop.com, which is already showing strong revenue growth from an expanding community of loyal customers owing to a compelling product offering. We look forward to working alongside the management team to realise the Company’s potential.”
 
Steve Smith, Founder and Chairman, Poundshop.com added: "When I founded Poundland 26 years ago, everyone said it will never work, but belief and determination created the multi-billion pound retail industry we know today. In this relatively short space of time, retail has changed enormously with the introduction of ecommerce, each year more and more people are shopping online.
My enthusiasm for shopper value has not changed and working in partnership with Foresight, I am looking forward to taking single price shopping to the next level.”
 
Donna Baker, CEO, Poundshop.com added: "Operating in this disruptive high growth sector is a privilege and it was especially important for me and my team to select a growth funding partner with the same vision and commitment to changing this retail space forever. Foresight’s complimentary experience and management matches our forward thinking growth strategy and we look forward to developing this partnership further to the benefit of the budget conscious online shopper.”
 
Advisers on this deal included:
Corporate Finance Adviser: Blue Sky Cororate Finance
Legal Adviser: RW Blears
Financial due diligence: RSM
Warehouse & Logistics due diligence: Trinity Management Consulting
Technology due diligence: BDTP Advisory
Management due diligence: Catalysis

ENDS
 
For more information contact: Annabel Arrowsmith, Foresight Group, Marketing Manager
aarowsmith@foresightgroup.eu / 020 3667 8179
 
Notes for editors:
 
About Foresight Group LLP ("Foresight”):
 
Foresight 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 £2.3 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 sixteen investment professionals, invests between £1m and £5m in management buy-outs, management buy-ins and growth capital investments in UK SMEs.
Foresight was voted "VCT House of the Year” at the 2016 Unquote British Private Equity awards.
Foresight VCT plc, the UK’s best performing VCT having delivered a 23.0% IRR since launch in 1997 (taxefficientreview.com), has launched a £20 million offer for Ordinary Shares, which closes 5 April 2017 for TaxYear 2016/17 and 31 August 2017 for Tax Year 2017/18.
 
www.foresightgroup.eu
 
About Online Poundshop Limited ("Poundshop.com”)
 
Poundshop.com is an online-only, 24 hour, single priced retailer, committed to helping customers save money on everyday items with delivery direct to their door, Chaired by Poundland founder, Steve Smith.
www.poundshop.com