Maven raises £3m for Welch’s Atterley.com
Mike Welch: gamechanger
Online tyre tycoon Mike Welch has raised £3 million for his fashion chain Atterley.com.
Maven Capital Partners led the funding round for the company which enables independent fashion boutiques and brands to increase their reach and sell to customers across the UK and beyond.
The investment, which also includes commitments from Scottish Enterprise and existing shareholders will allow Atterley to execute its planned growth strategy with a key focus on developing its international footprint, particularly in the US.
Atterley is used by more than 250 independent boutiques to reach customers worldwide and has around 3,000 brands live on the site.
The business also reported a 200% first quarter year on year sales rise, with the majority of that growth being attributed to strong repeat sales and new geographic markets with what Welch describes as a ‘slight tail wind’ due to Covid and consumers needing to shop from home.
Mr Welch, who set up and sold tyre business Blackcircles.com, said; “This investment is a game changer for us and really sets us up for our next big phase of growth.
“We have always taken a test and learn approach to our investments in growth and that has not only kept us in control of our destiny as shareholders but has carried us through some of the most testing times for businesses that we have ever seen.
“I am excited that in partnership with Maven we will be able to accelerate our growth and capitalise on the massive market opportunity”.
Maven Partner, David Milroy, said; “The retail sector is going through unprecedented change creating huge opportunities for online fashion marketplaces and we are delighted to be supporting one of the most exciting, Atterley.
“We were drawn to the company’s ethos which places its boutique partners front and centre and in doing so it is able to offer consumers a vast range of premium, emerging, and undiscovered labels expertly curated by some of the worlds most talented fashion buyers.
“We are very much looking forward to working with the Atterley team as they work to emulate their success building and exiting one of the UK’s first e-commerce marketplaces, Blackcircles”.
The Atterley team totals 20 with the recruitment of expertise in areas such as technology and supply chain cited as a focus for the new funds.
Existing Atterley investors include Sir Terry Leahy the former CEO of Tesco and Graeme Bissett the former chairman at Blackcircles.com.
Legal – Burness Paull
Financial – HNH Group
Management – Confidas People
Commercial/Tech – Patter
Insurance – Lockton
Tyrerunner sees growth
Online tyre price comparison and booking platform, TyreRunner.com, has announced 800% year on year growth and plans to double its headcount.
Launched in 2019, the Edinburgh-based company has grown on the back of changing consumer shopping habits.
Online tyre sales are expected to grow from 3% of the market in 2010 to 15-20% by the end of this year.
TyreRunner.com founder Bryan MacMillan said: “Tyres are an industry filled with jargon and it’s often difficult and time consuming for drivers to check all compatible options that are available to them, online and offline, at a time and place convenient to them whether it’s in a branch, or by a mobile fitting vehicle in their driveway.”