National legal business DWF has advised Business Growth Fund (BGF) on its decision to invest further in Boost Juice Bars UK (Boost) following a continued period of growth. BGF’s investment in the company now stands at £3.9million, up from the £2.5million initially committed in December 2012.
The success of the juice bars, owned by Manchester-based TD4 Brands, has seen store numbers rise from 10 to 25 in the last 18 months with sales approaching £10million, and the follow-on capital will be used to accelerate the roll-out within the next two years of a further 20 stores across the UK.
Co-founders Richard and Dawn O’Sullivan will retain their existing shareholding while their long-standing non-executive chairman Bill Holroyd, one of the original backers and current non-executive at AO.com, will increase his shareholding in the company. BGF will remain a minority shareholder.
Darren Ormsby, senior solicitor at DWF, commented: "BGF has had a very impressive year continuing to make a number of significant investments to businesses both locally and nationally. Boost Juice Bars is an exciting business that has grown in a short space of time and we are delighted to have advised BGF on their follow on investment."
Darren worked on the deal with partner Frank Shephard and senior solicitor Vicky Ross, both in the corporate team at DWF.
Richard O’Sullivan, co-founder and chief executive of Boost said: “The past 18 months has seen fantastic growth in new stores and in our underlying performance. We have identified many potential Boost locations. We are keen to move forward with expanding the Boost brand throughout England and Scotland in particular. BGF’s follow-on investment allows us to do this.
“Since working with BGF, we've retained control and flexibility over the running of our business, with the added benefit of access to its growing network. This approach suits our culture and style and, importantly, is in line with the expectations set by BGF.”
Neil Inskip, senior investment manager, BGF and Boost board member added: "With this follow-on investment, we’re increasing our backing of a highly experienced management team. We’re enjoying watching Boost make its mark in the fast-growing wellness sector, and we’re all the healthier for it."