Former Tesco director Colin Holmes has been named as the new Chairman at retailer Go Outdoors, it was confirmed today.
The appointment follows John Lovering, the former Chairman of the outdoor apparel specialist, stepping down this morning as private equity firm 3i took a significant minority stake in the company.
Existing and newly issued Go Outdoors shares acquired by 3i total £28 million, and the capital injection will be used to further accelerate growth in the business.
Paul Caplan & John Graham, President and CEO respectively of Go Outdoors, both said: “We are very excited by the capital injection and the partnership with 3i. Go Outdoors is a fast growing company with ambitious plans for the future.
“Through our unique business model, we can now extend our presence in the UK market through new store openings and further growth within our existing stores.
“We know that 3i is an experienced and capable partner who will make a significant contribution towards us in achieving our goals for the business.”
Rumours of a possible takeover have been consistently circled the retailer following its rise to prominence in a struggling sector.
Lovering only joined the company in August in a move that prompted onlookers to suggest it was looking for a buyer.
3i says that it intends to grow the number of stores in the retailer’s portfolio from 30 to 70 stores over the next four years.
Justin Maltz, Director of 3i, commented: “3i’s investment in Go Outdoors is another great example of us backing entrepreneurial, market-leading businesses with a clear vision for growth.
“We have built a great partnership with management, to help them fulfil the company’s potential as a supportive minority investor and are already working on a number of key projects together to deliver this.
“The founders have done a fantastic job in building the business and we think Colin’s experience will support the next step up in scale perfectly.”