FF&P Private Equity has closed a deal in the property services market by aiding the management team of David Philips in leading an £8 million buy-out of the firm.

David Philips is a supplier to the professional residential property market by providing furniture and electrical appliances as well as interior design services.

London-headquartered FF&P is the private equity business of Fleming Family & Partners, an asset manager and merchant bank founded in Scotland.

In a recent development, the business furnished 130 apartments for London & Stamford and Knight Frank as part of the redevelopment of Arsenal FC’s former Highbury Stadium.

Based in London, Manchester and Edinburgh, sales in the current year are forecast to be £20 million, a rise of 30 per cent on the prior year.

The management team is reinvesting in the company as part of the deal and will now lead its expansion into the private landlord sector as well as its presence in the social housing and student sectors.

Nicholas Gill, CEO of David Philips, says that private equity involvement will not only bring in capital resources, but will also provide a partner who shares the business’ ‘enthusiasm and ambition’.

He adds, ‘We are very ambitious to continue developing David Philips into the business that everyone in the company dreams of it becoming.’

In 2010 David Philips launched a furniture rental business which has experienced a reported 100 per cent growth in profits during the past 12 months as it addresses what it identifies as a ‘dress’ to sell’ market.

Co-head of FF&P Private Equity Henry Sallitt says that the David Phillips business has a ‘huge range’ of opportunities.

‘The current constraints on the availability of mortgage finance are ensuring that the trend towards rental from owner-occupied is continuing,’ Sallitt adds.

‘This presents significant growth opportunities in David Philips’ core market of service private rental properties.’