10,000 Champions: the "austerity chic" entrepreneur
What's most interesting about the high-growth companies highlighted this week is that many are long-established firms being transformed by energetic new corporate-trained managers.
The future is knitting
Pic from Flickr
This week marks the arrival of a new retail giant. With 47 out-of-town stores and a turnover close to £70m, HobbyCraft is hardly small fry. However, its acquisition by private equity signals an intent to dominate the estimated £2bn market in crafts, tapestry, needlework etc. Here's more on that deai, plus other dynamic small and mid-sized businesses on the growth path. It's not all grim out there, folks.
- Backed by Bridgepoint, chief executive Chris Crombie will lead the expansion of the HobbyCraft group, which was previously owned by the Haskins family. The original idea for the stores, which started out as garden centres and now cater to the huge hobby and craft market, came from the US. Crombie recently told the Telegraph: "There is a lot of synergy between garden centre customers who are outdoors in the summer but who are inside crafting when the nights are longer." In these austere times, make-do-and-mend may be returning.
- Nick Smailes, CEO of PowerOasis, leads a niche energy business that provides renewable, off-grid power to the mobile telecoms industry. It's an interesting play, especially as PowerOasis's power can be adopted by industry without relying on government stimulus. Smailes founded PowerOasis in 2007 and runs the firm with Rhett Ryder, Pete Bishop and Ivan Harris. This week, they secured £650,000 backing from established VC house, MTI Partners. (More on Real Deals, subscription-only.)
- Long-time food industry man Matthew Shaw is now in cahoots with specialist private equity house Langholm Capital to build the ingredients business Barts Spices. Shaw formerly worked for Mars, Pfizer and United Biscuits. Langolm has built businesses such as Tyrrells Crisps and Dorset Cereals.
- One of Britain's most successful medical business leaders, Peter Wrighton-Smith (he formerly worked at PowderJect, which was founded by Labour minister Lord Drayson) has raised €19.8m to build the medical diagnostics business, Immunotec. The other key directors at the Oxford-based business are: Jonathan Gee, Vijay Lathi, Rob James, Rainer Strohmenger, Michael Steinmetz and chairman Richard Sandberg. (More on Real Deals, subscription-only.)
- There's much talk about the potential of green buildings; here's a real business helping to make them. Hightex, led by executive chairman Charles Des Forges, was created 50 years ago and is a pioneer in the world of membranes. This week, the firm raised £730,000 from Ludgate Environmental Fund.