Investment company BGF has completed a multi-million pound investment to acquire a 23% stake in online licensed apparel and accessories retailer, Character.com.
Founded in 2019 by husband and wife team, Stephen and Karen Hewitt, Character.com has featured on the Sunday Times Fast Track 100 for four consecutive years.
Revenue has grown from less than £10 million in FYE Jul-17 to over £50 million in FYE Jul-21. From its South Wales base, Character.com services customers across the UK, Europe and North America.
It was also named Best Retailer of Kids’ Licensed Products (5-16) at The Licensing Awards 2020 and is nominated in two categories at The Licensing Awards 2021.
Karen Hubbard will join the board at completion as non executive chair. She has significant experience in retail through her career at The Card Factory, B&M and Asda.
“We are delighted to agree a partnership with BGF,” commented Stephen Hewitt, co-founder and md, at Character.com. “We have grown our business substantially since founding it in 2009, and it was hugely important to us that we found a partner which would support us to drive the next phase of growth whilst maintaining the culture and brand which we love. We have found this in BGF, and we are excited about realising our future plans for the business together.
“The retail environment is changing fast but there are some really exciting opportunities out there for us as a business. In addition, Grant Thornton’s advice throughout the process was invaluable and we would not have achieved the outcome we have without their support. We wouldn’t hesitate in recommending the team.”
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