NVM backs Nightingales to soar

Northern Venture Managers has backed a management buy-in at mail order clothing retailer Nightingales, taking a £5 million stake in the business via its portfolio of VCT and private equity funds.

Tony Lahert, former managing director of Argos Direct, will head the new team.

Focusing on the sale of ‘value for money’ clothing to women aged 35 and over, Nightingales markets and sells its wares both online and through the traditional catalogues, 13 of which are produced each year. Annual sales top £10 million and NVM says its £5 million investment has secured it a ‘significant stake’ in the business.

According to NVM’s Martin Green the deal follows a sustained period of market research from the VCT group. ‘We spent the last 18 months thoroughly researching the niche catalogue retail market,’ he explains, ‘and the attraction of this business lies in its position as an established branded supplier of good quality merchandise coupled with a loyal customer base.’

Marc Barber

Marc Barber

Marc was editor of GrowthBusiness from 2006 to 2010. He specialised in writing about entrepreneurs, private equity and venture capital, mid-market M&A, small caps and high-growth businesses.

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