Livingbridge divests Luxury for Less in trade sale

Greg Gille
02 March 2015

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Livingbridge has sold its stake in online bathroom products retailer Luxury for Less to trade player Wolseley plc, less than two years after investing.

Livingbridge (then Isis Equity Partners) injected £8.5m into Luxury for Less, which operates via the bathempire.com website, in July 2013. The investment was completed through the Baronsmead VCTs and Isis Growth I vehicles, according to unquote" data.

Luxury for Less reported revenues of £14m at the time– turnover now stands at £26m. The business also moved into new premises in Nuneaton, which doubled the size of its previous base, according to Living Bridge.

Wolseley has so far acquired a "substantial" stake, with an option to buy the remaining equity at a later date.

Company
Founded in 2009 and with a workforce of 150 – up from 96 at the time of Living Bridge's investment – Luxury for Less sells bathroom products to consumers via its bathempire.com website.

People
Matt Upton led the deal for Livingbridge.

Advisers
Equity – Eversheds (Legal); KPMG (Corporate finance).
Acquirer – Freshfields Brukhaus Deringer (Legal); Sentio Partners (Corporate Finance).