Retail Assist secures multi-million pound investment
Nottingham’s Retail Assist has secured a multimillion-pound investment to double the size of the business over the next three years.
The £15 million-turnover retail software provider works with Asos, Harvey Nichols and Warehouse, among others.
Retail Assist was founded in Nottingham in 1999 and provides services to fashion and hospitality brands in 66 countries.
It has received a cash injection from private equity firm Foresight Group, which has invested alongside Retail Assist’s founders and RBS.
Following the deal, the company will continue to be led by chief executive Dan Smith. Mike Quinn, of Foresight, has joined its operational board as investor director while founder members Alan Morris and Nigel Illingworth will be retained as consultants.
Quinn commented: “Our investment into Retail Assist is an exciting opportunity to work with the highly-regarded Retail Assist team and we are looking forward to expanding their service and solution capabilities and adding to their already strong customer base.
“We have been impressed by their expertise, professionalism and ambitions for growth.”
Smith added: “The investment will provide Retail Assist and its employees with a much wider opportunity for growth and progression as it continues to become an even bigger player in the market.
“At a time when retail and technology are constantly changing the investment brings with it a springboard for growth and the opportunity for expansion, while remaining true to the values and approach that Retail Assist engages with its customers.”