Aberdeen barber cuts funding deal to open two sites in Edinburgh and Glasgow
An Aberdeen barber has secured a six-figure funding package to open salons in Edinburgh and Glasgow – creating 20 jobs.
The business is being backed by a group of investors led by MB Martin & Partners, which specialises in helping high-potential, early-stage companies grow.
Alongside the funding, Sovereign has agreed a ten-year lease on a unit spanning about 1,200 square feet in Edinburgh’s New Waverley development, near the Royal Mile, which will open in January. A third salon, in Glasgow City Centre, will follow later in spring.
Sovereign Grooming offers luxury hair and beard services alongside a unique blend of male-focused waxing, massage and facial treatments.
Acclaimed barber Kyle Ross, who launched Sovereign alongside former journalist and marketing expert Ryan Crighton, has won a string of awards since opening on Aberdeen’s Union Street in 2016.
Mr Ross praised the funding package, which is made up of both equity investment and a debt facility brokered by MB Martin & Partners. “We offer a very different salon experience for men, bringing together top barbers and male image experts to offer a complete grooming experience,” he added.
MB Martin & Partners chief executive Moray Martin has joined Sovereign’s board as chairman under the deal and will support the business founders through the growth phase.
Mr Ross and Mr Crighton remain the largest shareholders in the business, retaining 80 per cent of the firm’s equity shares between them. An employee share scheme has also been carved out as part of the deal, which over time will see 10 per cent of the business owned by loyal and strategically important staff.
Anderson Strathern acted on behalf of the investors in the deal, while Aberdein Considine advised Sovereign Grooming on both the investment and commercial lease. The business and its founders also received tax support from Anderson Anderson & Brown.
Ritchie Whyte, a partner in Aberdein Considine’s corporate and business advisory team, said: “It’s great to get this deal over the line and to see confidence in a high-street business during this unprecedented time. Sovereign has rebounded strongly to secure this backing, which will kick-start an exciting new chapter for the business.”
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