Enterprise and PHD back Modern Rugs MBI

Martin Tragen, formerly group finance director of retailer Timpson, has taken operational control of the company, with founder Ben Dale retaining a minority stake.

Enterprise Ventures drew capital from the Coalfields Growth Fund. The VC stated it was attracted to the business given its share of the online rug retailing market.

Enterprise Ventures has expanded its operations in northern England throughout 2014, opening a new Merseyside office in April and promoting Doug Stellman and Will Clark to head up the North West Fund for Venture Capital in December.

Company
Founded in 2004 and headquartered in County Durham, Modern Rugs is an online rug retailer. The business, which sells 25,000 rugs per year, also owns the Sisal Rugs online brand.

People
Wayne Thomas, an investment director at Enterprise Ventures, led the deal. Craig Richardson is a partner at PHD. Dale is founder and technical and marketing director of Modern Rugs. Tragen will take the role of managing director at Modern Rugs.

Advisers
Equity - Hill Dickinson, Ian Riggs (Legal).
Vendor - Avondale Group (M&A).
Management - Salehs, Richard Saleh (Legal).

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• Topics
• Buyouts
• UK / Ireland
• Consumer
• United Kingdom
• Enterprise Ventures