A Wiltshire based furniture business has received £8 million in new investment from the Business Growth Fund (BGF).
Canburg, the owner of two high-end furniture brands, is the latest firm to receive new funding from the BGF – a fund established by major banks to back British businesses.
Canburg owns Smallbone of Devizes and Mark Wilkinson Furniture, which list the likes of Sir Elton John and Oprah Winfrey among their clientele, expect up to 40 new jobs to be created across the UK.
Chief executive Leo Caplan established Canburg to purchase Smallbone and Mark Wilkinson Furniture.
“This is a really exciting time for Canburg,” said Mr Caplan. “The fact that the furniture is hand made in the UK and supplied globally is a fantastic testament to our cabinet-making heritage. Canburg is proud of its highly skilled workforce, many of whom have been with the companies for decades.”
“I am delighted that in BGF we have found the perfect long-term partner to help us reach our full potential and create the value that clearly exists in this business.”
Caplan added: “I am confident that, over the next five years, we can grow the business from its current valuation of over £50m – post investment – to a global luxury group worth in excess of £500m.”
Overseas opportunities were “most exciting” for the group said Caplan, where it currently generates a third of its revenues.