Shuropody secures £3m from Business Growth Fund to expand its national footprint
Business Growth Fund has provided growth capital split between ordinary shares and loan notes to back the footcare provider.
Share allotment filed at Companies House
Shuropody is a specialist footcare provider offering podiatry services and comfort-focused footwear across a national network of stores and concessions.
Shuropody has secured £3m in growth capital from Business Growth Fund to support its national expansion plans. The funding package comprises equal parts ordinary shares and loan notes.
The capital will enable the footcare specialist to open new community service locations and expand its presence within garden centre sites. The company anticipates creating approximately 200 new jobs over the next three years as part of the roll out.
Headquartered in Coventry, Shuropody operates 63 standalone stores and concessions across the UK, offering both podiatry services and footwear products. The business reported sales of £15.8m for the year ending December 2011.
From the founder
"Our business has continued to evolve over the last five years as we have positioned the company for future growth. BGF was able to provide us with an attractive funding structure that we needed in order to realise the growth opportunities that we wish to secure. We have a unique model and BGF’s involvement will assist in accelerating Shuropody’s profile nationally. We have been especially impressed by the straightforwardness and integrity of the BGF team and their speed of decision-making."
Frank Duffy
Managing Director at Shuropody
Investor perspective
"Shuropody is a unique business which is already a market leader in its sector. It has the potential to substantially increase its geographic footprint across the UK with an active roll out programme that expects to generate up to 200 jobs. The business model is well placed for expansion into garden centre concessions and is already working with two of the largest garden centre operators in the UK."
Ian Downing
Investment Director, Business Growth Fund
Use of funds
- 01Grow the team
- 02Expand into international markets
- 03Build out infrastructure