Investment firm Alteri Investors has acquired Blue Group, which owns Bensons for Beds and Harveys Furniture as well as three upholstery and bedding manufacturing firms.
Bensons for Beds was founded nearly 70 years ago and has the largest number of bed stores in the UK. Harveys was founded in 1966 and has the largest number of specialist furniture stores in the UK.
The Blue Group owns 269 Harveys Furniture and Bensons for Beds retail stores, four manufacturing sites and five distribution centres in the UK. It employs more than 2,700 people and has an annual turnover of over £500 million.
Its manufacturing companies make mattresses, divan sets and furniture which they supply to Harveys and Benson for Beds as well as other high street retailers.
The investment will be made from Alteri’s second investment vehicle which was launched in August 2019 and will back the existing management team to return the business to profitability.
Gavin George, CEO and Founder of Alteri Investors, said: “This is exactly the type of investment opportunity our second fund was launched to find – trusted retail brands with strong management and the potential for profitable growth.”
Mark Jackson, CEO of Blue Group, added: “We are delighted to be teaming up with Alteri. Throughout the sale process, they have demonstrated an in-depth understanding of our business and their expertise, not least in digital, will help turbo-charge our plans to drive the performance of the group.”