Souter exits furniture company CCF

CCF managing director Guy Newton, head of finance and operations Pamela Tennant and private investor David Dare acquired the stake. Dare will take on the position of chairman.

Souter, which typically deploys equity tickets of £2-30m, has generated an IRR of 18% across 27 realisations, according to the company's October 2019 investment review.

Previous funding
In 2015, Souter, EME Capital and private investors acquired a majority stake in both the furniture and perfumery businesses of Clive Christian.

In 2019, the investors sold the perfumery to Nichebox, an Italy-based holding company of fragrance and skin care brands.

Company
Founded in 1978, Clive Christian manufactures luxury cabinets and wood furnishings. Based in London, the company operates a manufacturing base in Manchester and employs 68 people.

The combined company, consisting of both the perfumery and furniture businesses, generated revenues of £14.5m, reporting an operating loss of £4.35m and negative EBITDA of £3.59m for 2017.

People
Clive Christian Furniture – Guy Newton (managing director); Pamela Tennant (head of finance and operations).

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• Consumer
• United Kingdom