Livingbridge is pleased to announce the sale of its equity stake in Luxury for Less Limited (“Luxury for Less”) to Wolseley Plc (“Wolseley”), the world’s largest trade distributor of plumbing and heating products, and a leading supplier of building materials. Financial terms were not disclosed.
Luxury for Less, founded by Chris Li and college friend Vicky Wang in 2006, is an online bathroom products retailer which designs and sources its own product, supplying direct to consumers principally via its website www.bathempire.com.
Livingbridge completed an £8.5m investment in Luxury for Less in July 2013.
Since that time the business has moved into new premises in Nuneaton, more than doubling the size of its previous base, and providing the capacity to handle the growth in product range and activity. This growth has been recognised by the Sunday Times Fast Track 100 in which Luxury for Less has been included for the last three years.
The investment from Wolseley will allow the management team to accelerate the next phase of their growth plans in the UK and internationally.
Luxury for Less comments:
“The investment by Livingbridge in 2013, enabled our business to not only increase operational capacity and strengthen the product range over the last 20 months, but also add key management to the team to ensure we take advantage of the continuing shift online of bathroom product purchasing habits. Livingbridge’s track record and know-how in working with businesses at our stage of development has been invaluable. We are extremely excited about working with our new partner, Wolseley, and fully expect the fresh investment and their expertise to assist the business through the next stage of development.”
Matt Upton, Livingbridge comments:
“We have enjoyed working with a capable and developing management team in delivering very strong growth whilst continuing to invest in the platform, which will see the business well positioned for the next phase of development.”