Beringea has led an investment into Maplin from its ProVen Venture Capital Trusts as part of a syndicate of investors led by Rutland Partners.

Maplin has a store count in excess of 200 and stocks consumer electronic products such as GPS devices, audio equipment and computers. It has been led by John Cleland and his management team since 2012, when fresh personnel was brought in to represent a change in direction for the business.

Commenting on the new funding injection, Maplin CEO Cleland says, ‘Our strategic plans for Maplin represent substantial growth in sales and profit, continuing on the journey already mapped out that focuses on improved customer experience in all key channels, substantially broadening our range of products and innovation, and investing in our ability to offer the best electronics and technical advice to our customers.

Before partnering with Rutland Partners in June, Maplin had previously been backed by Montagu Private Equity – a firm that bought a 67 per cent stake in the business in 2004 for £244 million.

In 2013, Maplin rolled out a click and collect service, allowing customers to order online and take ownership of products within half an hour. Part of the new direction signalled by the hiring of Cleland as CEO in 2012 was to invest in bettering the in-store experience and updating the Maplin web platform.

Malcolm Moss, founding partner at Beringea, a London and Michigan-based growth capital firm, adds, ‘For the past 40 years, Maplin has been committed to selling the newest and most innovative electronics on the market.

‘We are excited to partner with the company’s management to continue Maplin’s legacy as the UK’s only true expert in consumer electronics.’