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Bensons for Beds has secured additional funding from owner Alteri Investors to drive its growth strategy and transformation plans further, whilst also appointing Gavin Chappell as its new chief operating officer.
Alteri’s new investment comes two years after it first invested in Bensons. This time, Alteri’s funding will be specifically used towards digital development and will be accelerated as Bensons integrates its online platform with its growing store network.
In addition, the investment will reportedly help Bensons grow its store portfolio across England, Scotland and Wales. The furniture retailer currently operates from 166 stores and aims to create a network of 180 to 190 physical locations over the next two years, all while continuing to relocate into better units in the towns from which it already trades.
Bensons is also planning to explore new formats that integrate its physical and digital offer, as it brings Britain’s leading sleep brand to more places.
The Alteri funding will also enhance Bensons’ logistics network at its Tewkesbury distribution centre, which is being “revamped” to increase capacity, speed up delivery times and align it with customer service levels at its other centres in Huncoat and Ayr.
Chappell joins Bensons after 30 years in senior operating and executive board roles at Asda, Boots, Dunelm and Holland and Barrett.
Ian Shepherd, chairman of Bensons for Beds, said: “This is an important time for Bensons. Alteri’s investment enables us to step up our transformation programme across all areas of the business. I’m also delighted to welcome someone of Gavin’s experience to our board; he’s going to make a significant contribution to our plans.
“We’ve made great progress towards our goal of becoming a market leading omnichannel retailer. There is still plenty to do and this investment will make a big difference, especially at a time when so many retailers are facing strong economic headwinds and the impact of high inflation.”
Gavin George, CEO of Alteri Investors, said: “Alteri remains fully committed to the future of Bensons and this new investment marks another milestone as we build on the strong foundations that have been laid over the past two years. We will continue to work closely with the management team so the business can realise its full potential.”
