Lloyds private equity arm takes a cut of Rush hair salon

 
Alys Key
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Rush has 85 salons already but hopes to expand further (Source: Rush)

The private equity arm of Lloyd's Banking Group has announced a £16m minority investment in Rush Hair and Beauty.

Backing from LDC will provide support for the business's expansion plans.

The hairdressing chain currently has 85 branches, primarily in London, Essex, and the South East. More recently, branches have opened across the country in key locations including Manchester, Liverpool and York.

The new investment will support a drive to double the number of stores in the next four years.

The business currently generates sales of £36m with profits of over £4m. The salons serve 13,000 customers a week, including celebrity clientele such as stars of The Only Way Is Essex, Gogglebox, and Hollyoaks.

Stell Andrew, founder of Rush, said: “Until now we have grown our business organically but felt the time was right to turbo-charge our expansion plans, which is why private equity investment is a natural next step for us.”

The deal will also see LDC investment directors Alastair Weinel and Tanya Thompson join the board of Rush.

Alastair Weinel said: “Rush has a proven scalable model. Its strong brand proposition means the business in an ideal position to push on and grow its UK footprint. The development of its training academy and continued innovation will further support the business’ status as the market-leading player in the hair and beauty sector.”

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