Sharps Bedrooms, the fitted furniture company, has revealed it has completed a deal to acquire Clever Closet for an undisclosed sum.
Set up in 2010 by founder Paul Jacob, Clever Closet provides fully fitted under stairs storage and loft solutions across the UK. Jacob will continue to support the business in combination with the Sharps team.
This development marks the second acquisition by Sharps Bedrooms, following the acquisition of Fittingly in September 2023.
It comes as Sharps recently posted its accounts for the year to September 2023 which saw turnover jump 6% year-on-year to £135m.
Despite the difficult inflationary backdrop, margins have also proven to be very resilient with EBITDA broadly flat at £25.9m.
It said the resilient performance has been achieved by a continuation of Sharps’ shift in sales model from physical storefronts to a digitally-led, online shopping experience.
Sharps is owned by its management team and Epiris, a London-based private equity investor.
Kevin Smith, CEO of Sharps Bedrooms, said: “We are delighted to complete the acquisition of Clever Closet, who have become the clear market leaders in fitted under stairs storage solutions. We believe that our knowledge and installer base, combined with their clever product solutions will create significant growth across the UK.”
Jacob added: “We are very excited about the opportunity to work with the UK’s market leader in fitted furniture and this will help us grow our business even further.”
