River Island duo helps lift profit at Loaf: Clive and Ben Lewis bought controlling stake in posh furniture group
Profits at posh furniture group Loaf rocketed by 75 per cent following a takeover by the family behind River Island.
The firm raked in £12.8million in the year to March, according to accounts filed at Companies House. Sales rose as customers spruced up their homes during the pandemic.
A good sign: Clive and Ben Lewis bought a controlling stake in posh furniture group Loaf
Loaf paid a £20million dividend during the year to its parent group.
Clive and Ben Lewis bought a controlling stake in the company – which is registered in Jersey – late last year through their investment group Blue Coast Capital.
The deal valued Loaf at more than £70million.
Etonian entrepreneur Charlie Marshall set up the firm in 2008 using cash from the sale of another company after he spent a whole Saturday trying to buy a bed.
Marshall, 48, expanded it into sofas and bedroom furniture in 2012 and attracted investment from Peter Simon, the Monsoon and Accessorize founder, in 2014.
Turnover soared by 52 per cent to £94million last year.