Endless LLP announces that it has backed the secondary management buyout of High Street TV (“HSTV”) for an undisclosed sum.
Headquartered in Harrogate, HSTV is a B2C and B2B multi-channel retailer. Using television shopping channels as its core platform, the business sells globally renowned and innovative licensed and own branded products both in the UK and abroad. The management buyout is being led by the two founding executives, Andrew Malcher and Jim Coleman who originally had backing from various private investors led by Gordon Black CBE, formerly Chairman at Peter Black Holdings Ltd.
HSTV has grown rapidly since being established in 2008 and expects to generate annual sales of £70 million and EBITDA of GBP 10 million this year. HSTV is best known for bringing the world renowned Nutribullet to the UK market and introducing market disruptive products such as the X-Hose, Zumba, Genie Bra and Shakeweight. As well as television channels , the business also sells online, via print and its licensed products are available at over 4,500 retail outlets across 35 retail groups including Argos, ASDA, John Lewis and Selfridges. Under its next stage of ownership, management plan to develop HSTV into a truly global multi-channel retailer and build on its new product development capabilities.
Andrew Malcher, Co-Founder & Executive Chairman commented “Endless are a first-class organisation with an excellent track record of helping companies maximise their potential. Following our rapid growth in sales and profitability, we are extremely proud to have agreed backing to assist HSTV in maximising its potential. Endless provide us with tremendous experience and financial resource that will enable us to develop into a substantial Global business. We are excited about continued Organic growth in the UK and Overseas, in addition to strategic acquisitions where Endless will add further experience and opportunity.”
Garry Wilson, Partner at Endless, commented: “Andrew and Jim are two remarkable entrepreneurs who have built an incredible business under the tutelage of Gordon Black CBE and surrounded themselves with a great team in Harrogate. High Street TV is clearly the market leader in multi-channel, direct response TV and the trusted partner for businesses who want to launch innovative products into the UK and international markets. Since its launch in 2008 its growth in both sales and profits has been truly astounding. We are delighted to invest alongside Andrew, Jim and the wider management team as we believe that High Street TV has the potential for even greater growth in the next few years. We look forward to working alongside them.”
The Endless investment was led by Garry Wilson, James Woolley, Indra Harrison, Ed Ransome and David Isaacs. Endless was advised by Eversheds (Robin Johnson, Alasdair Outhwaite and Sophia Leavett) and the tax team at KPMG (Steve Heath, Chris Wilson and Louise Warne). The Company was advised by Sentio (Dave Irwin and Andy Barlow) , Canaccord Genuity (Christopher Darlington and Will Bain), Walker Morris (Peter Considine and Graham McKenzie) and Squire Patton Boggs (Jonathan Jones and Louisa Bendjelloul).