BGF's Shuropody marks GP's third Midlands deal

The investment was split evenly into a £1.5m equity injection and £1.5m of loan notes. This is BGF's 14th investment since inception last year and the fund's third in the Midlands following a £4.8m capital injection in toy business Wow! Stuff in March and a £10m investment in telecoms and data service provider GCI Com in February.

Following the investment, Shuropody will look to expand upon its garden centres-based sites and open new community service locations. The company expects the strategy to generate an extra 200 jobs within the next three years. Sales are also expected to double in that time frame.

Company
Founded in 2007, Shuropody offers customers a range of comfort-focused footwear products as well as podiatry services. The company operates 63 standalone stores and concessions in the UK, following the acquisition of 43 stores from Boots in 2008. It employs 400 staff and generated a £15.8m turnover in 2011.

People
Ian Downing led the deal for BGF. Frank Duffy is managing director of Shuropody.

Advisers
Equity – Eversheds, Stephen Kitts (Legal); Baker Tilly, Paul Johnson (Financial due diligence).
Company – Harrison Clark Solicitors, Richard Wilkey (Legal).

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• Topics
• UK / Ireland
• Expansion
• Consumer
• BGF (Business Growth Fund)