London-based Bridges Ventures has exited its investment in Pure Washrooms, a Coventry-based washroom installation and maintenance business.
The management of Coventry-based Pure Washrooms has bought back a stake in the business from external investor Bridges Ventures.
Bridges, which backs ventures with the aim of achieving ‘social or environmental benefit’, sold its stake in the business to the management team, led by directors Simon Maitland and Martin Pugh, for an undisclosed sum. It claims a return of 3.4 times its original investment, or an annualised internal rate of return (IRR) of 22.4 per cent.
Phillip Newborough, managing partner at Bridges Ventures, says, ‘For the last eight years we have been working very closely with Pure Washrooms’ management team, supporting them with their business plan and strategy for growth. The company has come a long way since our initial investment, positively contributing to the local economy and creating jobs.’
Pure Washrooms is located in a poor area of Coventry, fulfilling one of Bridges’ aims of investing in deprived areas. Bridges first invested in the company in 2004, when it was a start-up.
This is the second exit by Bridges in two weeks following the sale of East London’s Hoxton Hotel.