Go Outdoors has secured a £28m cash injection from private equity house 3i as it accelerates its growth plans to open 40 new shops over the next four years.
3i has taken a minority stake in the Sheffield-based outdoor clothing and equipment retailer, which has capitalised on the growing popularity of UK holidays as consumers shun foreign travel. Go Outdoors saw turnover increase by 57% last year to £114.9m.
Under the deal, the company’s founders and management team have retained a stake in the business. Joining the team as chairman is former Tesco executive Colin Holmes.
Paul Caplan, president, and John Graham, chief executive, of Go Outdoors, said in a joint statement: “We are very excited by the capital injection and the partnership with 3i. Go Outdoors is a fast growing company with ambitious plans for the future.
“Through our unique business model, we can now extend our presence in the UK market through new store openings and further growth within our existing stores.”
Go Outdoors, which has 30 stores, was founded as the Camping & Caravanning Centre (CCC) more than 40 years ago.
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