- 3 Apr
Retail Assist gains multi-million pound investment for future growth
Leading IT managed services and solutions provider Retail Assist has secured a multi-million pound investment to facilitate its rapid growth strategy to double the size of the business over the next three years. The deal sees investment from its original founders, private equity investment manager, Foresight Group, and Royal Bank of Scotland.
As a retail and hospitality specialist, Retail Assist is providing the IT managed services and software solutions which underpin the success of brands such as Harvey Nichols, Karen Millen, ASOS, Oasis, Coast, Warehouse, Vue Cinemas, Pizza Hut, and Cath Kidston. To date the company has achieved brilliant success with its impressive growth, customer portfolio, awards heritage, and it has attracted excellent talent, allowing Retail Assist to be in a strong position for future expansion.
With a current turnover of £15m Retail Assist provides services and solutions across 66 countries, delivering support in 9 languages, and employs 220 people who have been responsible for the company’s success. Established in 1999, this year sees the business reach its 18th trading anniversary.
Foresight Group was founded in 1984 by Bernard Fairman and Peter English and manages assets of £2.3 billion internationally with its headquarters at The Shard, London.
Mike Quinn, Investor Director from Foresight Group stated: “Our investment into Retail Assist is an exciting opportunity to work with the highly-regarded Retail Assist team and we are looking forward to expanding their service and solution capabilities and adding to their already strong customer base. We have been impressed by their expertise, professionalism and ambitions for growth.”
Under the new investment structure the company shall be led by the current CEO, Dan Smith, and Operational Board, with the addition of Mike Quinn from Foresight Group as Investor Director. Of the founder members from Retail Assist, Alan Morris and Nigel Illingworth will be retained in the business in a consultancy role, and as part of the investment team with Gary Broughton. They will remain engaged in the business to assist with future development strategy for services and solutions.
Dan Smith, CEO at Retail Assist said: “The investment will provide Retail Assist and its employees with a much wider opportunity for growth and progression as it continues to become an even bigger player in the market. At a time when retail and technology are constantly changing the investment brings with it a springboard for growth and the opportunity for expansion, whilst remaining true to the values and approach that Retail Assist engages with its customers.”
Alan Morris, one of the founders of Retail Assist, continues: “After 18 years of trading, Retail Assist has come of age. We are very proud of the success Retail Assist has achieved so far. With the investment backing and the successful foundations already laid, the potential for employees and for the customers it supports is very exciting and will enable Retail Assist to advance its services and solutions even further”.