SHUROPODYSeptember 2012 | Investment News
BGF backs Midlands based Shuropody to expand its national footprint
Midlands based Shuropody is the UK’s leading specialist footcare provider with local branches in Birmingham, Coventry, Leamington Spa and Stratford-Upon-Avon within its 63-strong national network.
In September 2012, BGF invested £3 million of growth capital in Shuropody to enable the company to expand upon its current garden centre based sites, as well as the introduction of new community service locations. It is expected this will generate another 200 jobs over the next three years.
This investment was led by BGF’s seven strong Birmingham team and is its third investment in Midlands based businesses to date.
BGF’s ability to structure investments flexibly to best meet a particular company’s financing needs enabled it to split the £3 million growth capital investment into £1.5 million of ordinary shares and £1.5 million of loan notes.
Shuropody delivered sales of £15.8 million in the year ending 31 December 2011 and is expecting sales to double over the next 3 years. Headquartered in Coventry and founded in 2007, Shuropody offers podiatry services and comfort-focused footwear products. Initially opening a handful of stores in 2007, the company grew rapidly following its purchase of 43 stores from Boots, in July 2008. The business now operates from 63 standalone stores and concessions across the UK and is the second largest provider of podiatry services behind the NHS, with 400 employees, of whom almost 150 are medically qualified podiatrists.
Shuropody was founded by Managing Director Frank Duffy who has been involved in the manufacture and retail of footwear and general clothing since 1978. He previously spent four years as Group CEO of R Griggs Group which famously produced Dr. Marten’s shoes. Gordon Horsfield acts as Non-Executive Chairman and was previously Chairman of Drax Group Plc where he led the restructuring programme before listing the business on the London Stock Exchange in 2005.