The firm – which says it is Scotland's biggest family-owned paint retailer – said the funding will enable it to accelerate the rollout of five new stores, with sites planned in Scotland and England. Meanwhile, the investment will further grow the company’s online capabilities, creating the extra jobs over the next two years.
The Paint Shed was founded by Ogilvie Rolland in 1995 and sells branded trade paints and accessories to independent painters and decorators and retail consumers via its ecommerce site and through its network of 15 stores across central Scotland.
It said that during lockdown, it focused on driving online sales with the launch of a “click and collect” service. It also completed work on its newest outlet in Anniesland, which opened in March.
Executive chairman Rolland said: “The past few months have been challenging for many companies, our staff and management have worked hard to ensure that the business is ready to operate in our new normal way to shop for paint. Over the past four years our online sales have grown by 100 per cent year on year, and this has accelerated further post the coronavirus outbreak.
“This investment will help support The Paint Shed through our next phase of growth. It will enable the expansion of our online presence and accelerate the roll out of more stores throughout the country.”
The Paint Shed has appointed Angela Luger, former chief executive of N Brown – the retailer whose brands include Simply Be and Jacamo – as non-executive chair following an introduction by BGF. Luger is described as having “significant” experience in growing retail businesses, having also held senior roles at Debenhams, Asda and Mars and The Original Factory Shop.
She said: “It is no question that times are tough for businesses, but there are also many opportunities to capitalise on. The Paint Shed has delivered considerable growth in the past five years and adapted well to the challenges that Covid has presented. I’m excited to join the board to help the company deliver its ambitious future growth plans.”
The investment was led by Graham Clarke and Patrick Graham at BGF, which bills itself as the UK and Ireland’s most active investor. Clarke, who will join the board, said: “Covid-19 has resulted in some of the most challenging trading conditions businesses have ever experienced and it is vital to support companies that have strong growth potential so that they can exit lockdown and capitalise on future opportunities.
“Having built a strong relationship with Michael, Jonathan and Ogilvie at The Paint Shed over the past four years it is fantastic to see how the team has successfully grown the business over this period and more recently reacted quickly to adapt the business in response to the Covid-19 outbreak and ensure it is in the strongest possible position to deliver its long term expansion plans.”
Addleshaw Goddard LLP provided legal advice to The Paint Shed.
A message from the Editor:
Thank you for reading this story on our website. While I have your attention, I also have an important request to make of you.
The dramatic events of 2020 are having a major impact on many of our advertisers - and consequently the revenue we receive. We are now more reliant than ever on you taking out a digital subscription to support our journalism.
Subscribe to scotsman.com and enjoy unlimited access to Scottish news and information online and on our app. Visit https://www.scotsman.com/subscriptions now to sign up. By supporting us, we are able to support you in providing trusted, fact-checked content for this website.