Investor BGF, formerly known as the Business Growth Found, has taken a 23 per cent stake in character.com which specialises in licensed merchandise. Founded in 2009 by husband-and-wife team Stephen and Karen Hewitt, Character.com has seen revenues rise from less than £10m four years ago to over £50m for its last financial year to July and is one of the largest online retailers in its niche.
Co-founder and managing director Mr Hewitt said: “We are delighted to agree a partnership with BGF. We have grown our business substantially since founding it in 2009, and it was hugely important to us that we found a partner which would support us to drive the next phase of growth whilst maintaining the culture and brand which we love.
“The retail environment is changing fast but there are some really exciting opportunities out there for us as a business.”
As part of the investment by BFG, Karen Hubbard joins the board of Character.com as non-executive chair. Hubbard has significant experience in retail through her career at The Card Factory, B&M and Asda and is currently Chair at Redu Group and BGF-backed Moteefe. Her appointment is the result of an introduction from BGF’s Talent Network, which is the UK’s largest pool of non-executive directors.
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